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Gloucestershire Business News

Engineering firm builds bridge to growth and profits

A firm known world-wide for building bridges has engineered a road back to profit and a £26.8 million turnover.

Mabey Bridge, which has a major manufacturing base in Lydney in the Forest of Dean, saw its turnover rise from £23,717,029 in 2018 and profits rise to £958,472 - as compared to 2018' s £3,967,102 loss.

The loss after tax for the year actually amounted to £7,494,341, compared to 2018's loss of £3,682,525.

All of which means it had a gross profit margin of 22 per cent (2018: 21 per cent) and operating profit margin of four per cent (2018 it was minus 17 per cent).

As with all firms whose markets are not restricted to these shores, it was unable to pass by these accounts without mentioning a certain subject.

"Brexit is one of the most significant economic events for the UK. and at the date of this report its affects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown," said the report, for the year ended September 2019.

Wages and salaries were down, from £6.47 million to £3.3 million, with staff numbers down from 96 to 46 in the production side of its business and from 75 to 36 in the administration and support side.

Renumeration for directors rose from £490,496 in 2018 to 919,821 in 2019.

On May 10 2019 Mabey sold assets for £7,958,778, an amount currently in escrow with an expected settlement in May 2022 at the earliest.

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