Newcastle based Metnor Group announces continued growth alongside £81m turnover

Consolidated accounts released today by the Metnor Group show continued growth and a significant bounce-back from the Covid-19 pandemic, with turnover reaching £81m in 2021.

Based in Newcastle, the Metnor Group comprises three main trading divisions which operate in the construction, mechanical and electrical services and pressure testing sectors.

The Group achieved turnover of £81m, compared to £68m in 2020 with gross profit margins improving from 5.0 per cent to 9.9 per cent. The cost-saving initiatives introduced in 2020 have had a positive impact for the business with workforce numbers being maintained throughout the period.

The Group’s focus on cash management has continued throughout and whilst some unwinding of the 2020 year-end balance of £7.8m has occurred, the 2021 consolidated cash balance was £4.2m. A number of contract wins for both 2022 and 2023, also further support the Metnor Group’s future ambitions.

Chris Cant, CEO of the Metnor Group commented: “Despite a challenging couple of years, we’re really proud of our growth and the calibre and scale of our new client wins.

“Covid was no doubt a difficult time for all businesses, but by remaining agile, staying true to our values and investing in our team, I’m proud to say we have come out stronger, with both turnover and profitability up on previous years.

“Continuing supply chain issues and soaring prices of course remain at large, but due to our robust tendering procedures we’ve been able to deliver projects on time and on budget.

“During that time, we’ve made significant changes to the business, defining and driving our core values and bringing in new operational and commercial professionals to add to our existing team.

“Our growth also comes on the back of celebrating Metnor Construction’s 20th anniversary, a new office in Maidenhead for Norstead Group and some of our largest single contract wins to date.

“With a strong order book for the rest of 2022 and beyond, we’re optimistic about the year ahead, forecasting record turnover next year and again the year after. I’d like to say a special thank you to our fantastic team, supportive clients and suppliers, who continue to play a key part in our journey.”

By Matthew Neville – Correspondent, Bdaily

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