EE Smith Contracts, celebrating its 125th anniversary this year, saw a 31% increase in turnover to £61.5 million as at 31 March 2022.
Profit before tax for the year was £1.2m, after a loss of £22,000 last year.
The company has been growing strongly over the past decade, except for the year of the first national lockdown and construction site closures. It had a turnover of around £20m in the year to March 2015, £40m in 2017 and £50m in 2020, in the year to March 2021 affected by Covid-19 It fell to £47m and is now up to £60m in recent accounts.
Recent growth has come from prestigious developments such as The Peninsula London, overlooking Hyde Park Corner, and the completion of 15 super prime apartments in Knightsbridge, London.
EE Smith Contracts started the financial year with £60m in safe jobs and 285 staff, including 35 apprentices recruited since the Covid-19 outbreak.
Neil Simpson, Chief Financial Officer, said: “The results for the year ended March 2022 resulted in the highest annual revenue in the company’s history, thanks to the contributions of our employees. Hard work and unwavering commitment.
“We are in advanced discussions on some contracts in the high-end residential and hospitality markets, which remain stable despite the challenging economic environment .
“All of this is the best way for a business to celebrate its 125-year history built on the combination of employee training and development and investment in cutting-edge technology and delivering best-in-class craftsmanship. On.
“EE Smith Contracts has a long history of training young people and many of our current staff are ex-apprentices who have stayed on since it was a family environment here we are. We have excellent links with universities in London and have 30 apprentices on our London site who are learning from the best craftsmen in the country. The London labour market is very active and we are also establishing EE Smith Contracts home environments in these locations to retain our apprentices and provide them with a path to a career.
“Overall, after assessing the costs of the pandemic, we estimate this has cost businesses £3.8 million to reach a stage where profits are now healthier than they were before the pandemic, It’s a testament to the high standards of our work and the high quality of our employees.”
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