Ardmore wins to boost turnover

A string of high-profile contract wins is expected to push turnover next year at Ardmore back up to record levels set in 2008.

Ardmore bosses are confident that turnover will get back up to the £300m mark in 2010 after dipping by up to £75m this year due to a number of stalled jobs halted by the recession.

Latest results from the firm show that turnover hit £300m for the year to September 2008, resulting in a pre-tax profit of £5.3m compared to £5m the previous year.

But the directors warned: "The next year or so is going to be tough with many challenges ahead. Turnover to September 2009 is expected to decrease by 20%-25% on 2008."

The decrease is being blamed on two major projects Ardmore was working on which have been put on hold.

Construction work stopped on the £150m Stratford Tower in east London in March after Genesis Housing Group ran out of funding for the 43-storey building.

And developer Lane Castle has delayed its £45m Paynes and Borthwick Wharves project in Deptford, south London until 2010.

Ardmore is confident a slew of recent contract successes will see turnover return to the £300m level next year.

The firm has picked up the £82m Corinthia Hotel job near Trafalgar Square in central London alongside a £52m scheme in Woking, plus education and fit-out work worth £48m.

Ardmore has also won a £10m contract to provide modular units to the 2012 Olympic Village and is on the shortlist for the first main accommodation block.

The firm said: "These projects are currently expected to increase turnover back to 2008 levels and provide cashflow into the business in the year 2009/10."

Two consultants have also been appointed to help Ardmore target the hotel/leisure sector and residential social landlords.