William Verry back in profit - but margin is just 0.2%

William Verry’s latest profit margin might only be a paltry 0.2% but at least it is an improvement on the previous year’s performance when the construction group ran into the red.

The previous year’s loss of £340,000 has not been covered by the latest profit, however, which stands at just £250,000.

Verry has moved its financial year-end to 30 June which means that the latest figures cover the 18-month period to 30 June 2008 rather then the customary 12-month period.

At first glance Verry’s turnover appear to have risen, up from £106m to £118m, but since the latter figure covers 18 months, the latest annual equivalent turnover would equate to a dip from £118m to £78m.

Verry, a building contractor based in City Harbour, London, is led by chief executive Craig Jones.

During the latest 18-month period there was a net cash outflow from operating activities amounting to £10m, following a £2m outflow in the previous year.

As a result, after starting with net funds of £4.7m, Verry ended the period with a net debt of £5.9m.

There were 164 employees and the bill for wages and salaries (over 18 months) ran to £2.9m.

The latest profit figure of £250,000 was less than the £300,000 earned by the highest-paid director.

A list of loans to four other companies with “a common parent” included the sum of £515,000 loan due from St Albans City Football and Athletic Club.