Friday, April 17, 2009

Surgo Construction sees 435% profit increase

Surgo Construction has seen pre-tax profit surge by 435% to just over ВЈ3m for the year ended 31 October 2008.

The increase came despite a much more modest 6.4% rise in turnover to ВЈ54.8m.

The contractor, based in Newcastle-upon-Tyne, said margins were "out-performing all previous years".

But the firm, which was known as Bowey Construction until the company decided to change its name in 2004, warned that the current trading environment was “certainly tougher than this time 12 months ago with procurement levels notably lower.”

Despite this, the company described its order book as "strong", with work in hand for the year in excess of ВЈ45m from a projected sales turnover of ВЈ61m.

The highest-paid director received a pay rise of almost 57%, taking his wage packet to ВЈ586,314 for the year. Meanwhile contributions of ВЈ15,550 were paid into his pension pot.