Record Breaking Revenue’s!
We have just posted the highest annual revenues in its history, with an additional £60 million of secured work for the new financial year.
As we celebrating our 125th birthday this year, we have also recorded a turnover of £61.5 million for the year to March 31, 2022.
This record-breaking activity has been secured partly by working on multiple prestigious developments including the luxurious The Peninsula London hotel overlooking Hyde Park Corner and the completion of 15 super-prime apartments in Knightsbridge in London. Profits have bounced back strongly following Covid-19 and are forecast to exceed pre-pandemic levels for the year ahead.
EE Smith Contracts enters the new financial year with £60 million of secured work, with significant flagship opportunities for the months ahead. The business, which employs 285 staff, has reduced carbon emissions by over 20 per cent in the last year despite the growth in activity at its sites in Leicester and London by investing in a new £125,000 extraction system.
There is also continued growth in long-established apprenticeship programmes, with 35 new apprenticeships having been recruited since the outbreak of Covid-19.
Neil Simpson, Finance Director, said the company has enjoyed record-breaking liquidity through the year, giving it a secure platform for the coming years. He said: “The annual results to March 2022 have delivered the highest annual revenue in the company’s history which is due to the hard work and unwavering commitment of our staff. We are in advanced discussions regarding a few contracts in the high-end residential and hotel markets which remain stable despite a challenging economic backdrop. All this is the best possible way for the business to celebrate its 125-year history which is a history built on employee training and development and investment in cutting-edge technology, and delivering best-in-class craftsmanship. EE Smith Contracts has a long history of training youngsters and a significant number of our current employees are former apprenticeships who have stayed with us because it is a family environment. We have established great links with London colleges and have 30 apprentices on our sites in London who are learning from among the finest craftspeople in the country. The London labour market is very dynamic and we’re building the EE Smith Contracts family environment on those sites as well to retain our apprentices and provide a pathway for their career. Further reductions are forecast in our carbon emissions following significant investment in carbon saving technology in the last six months because this is an area which is really important to us.
“Overall, after evaluating the cost of the pandemic, which we estimate cost the business £3.8 million, to reach a stage where profits are now healthier than pre-Covid is testament to the high standard of our work and the high calibre of our staff.”