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INDUSTRIAL services group Pyeroy has seen a significant jump in profits and says it is in a strong position for future growth with a £120m forward order book.
The Gateshead-based business, which employs around 1,000 people, saw its pre-tax profits increase by £500,000 to £3.5m last year, with its turnover also up by 2% to £59.5m.
The company, which is responsible for painting the Forth Rail Bridge, performed strongly across all of its markets, including marine, construction, industrial and environmental services.
Pyeroy was founded in 1973 as a protective coatings contracting company, but diversified in the mid- nineties following the closure of key North East shipyards.
It now provides specialist scaffolding and asbestos handling as well as an expanded industrial painting service, and was responsible for the scaffolding and repainting work on refurbishment of the High Level Bridge.
Last year saw the company work on a number of profitable contracts, including securing more than £14m of new work within its industrial services division, including a contract from chemicals manufacturer Fine Organics Ltd that will see it provide access, insulation and protective coating services at its Seal Sands facility on Teesside.
In addition, work on a £3m contract at Rio Tinto Alcan’s Lynemouth site to install access scaffolding and clean its coal-fired power station is complete.
The firm’s expertise in refurbishing large ships also led to £2m worth of work to support contracts for Babcock for the refit of the Royal Navy Type 23 frigate HMS Kent at the Rosyth Royal Dockyard.Work is well advanced on the £100m contract to provide painting and scaffolding for the construction of the Royal Navy’s new aircraft carriers.
The company is in a strong position to ensure further growth following the acquisition of Ireland-based electrical instrumentation and data communications engineering contractor CEI.
It also recently acquired the scaffolding assets along with several running contracts from failed Stockton-on-Tees firm, Spectrum Access Ltd.
Hugh Pelham, managing director of Pyeroy, said: “This is a good set of results despite the continuing economic pressures and we are well- placed to see strong growth continue well into the future.
“Our strategy of focusing on providing added value solutions is clearly succeeding and paying dividends as we have continued to win major work across the board cementing our position as a leading provider of specialist industrial services.”
The firm looks to be in a strong position to ride out the rest of the economic storm and has built up an impressive £120m forward order book. Pyeroy is also known for work on Britain’s landmark bridges, and last year won the contract to repaint Tower Bridge ahead of next year’s London Olympics.
Pelham said: “We now have in place a highly-skilled and motivated workforce, which together with a continued focus on delivering quality, is seeing us emerge strongly from the some of the worst trading conditions for decades.”
Source: NE Business
The Gateshead-based business, which employs around 1,000 people, saw its pre-tax profits increase by £500,000 to £3.5m last year, with its turnover also up by 2% to £59.5m.
The company, which is responsible for painting the Forth Rail Bridge, performed strongly across all of its markets, including marine, construction, industrial and environmental services.
Pyeroy was founded in 1973 as a protective coatings contracting company, but diversified in the mid- nineties following the closure of key North East shipyards.
It now provides specialist scaffolding and asbestos handling as well as an expanded industrial painting service, and was responsible for the scaffolding and repainting work on refurbishment of the High Level Bridge.
Last year saw the company work on a number of profitable contracts, including securing more than £14m of new work within its industrial services division, including a contract from chemicals manufacturer Fine Organics Ltd that will see it provide access, insulation and protective coating services at its Seal Sands facility on Teesside.
In addition, work on a £3m contract at Rio Tinto Alcan’s Lynemouth site to install access scaffolding and clean its coal-fired power station is complete.
The firm’s expertise in refurbishing large ships also led to £2m worth of work to support contracts for Babcock for the refit of the Royal Navy Type 23 frigate HMS Kent at the Rosyth Royal Dockyard.Work is well advanced on the £100m contract to provide painting and scaffolding for the construction of the Royal Navy’s new aircraft carriers.
The company is in a strong position to ensure further growth following the acquisition of Ireland-based electrical instrumentation and data communications engineering contractor CEI.
It also recently acquired the scaffolding assets along with several running contracts from failed Stockton-on-Tees firm, Spectrum Access Ltd.
Hugh Pelham, managing director of Pyeroy, said: “This is a good set of results despite the continuing economic pressures and we are well- placed to see strong growth continue well into the future.
“Our strategy of focusing on providing added value solutions is clearly succeeding and paying dividends as we have continued to win major work across the board cementing our position as a leading provider of specialist industrial services.”
The firm looks to be in a strong position to ride out the rest of the economic storm and has built up an impressive £120m forward order book. Pyeroy is also known for work on Britain’s landmark bridges, and last year won the contract to repaint Tower Bridge ahead of next year’s London Olympics.
Pelham said: “We now have in place a highly-skilled and motivated workforce, which together with a continued focus on delivering quality, is seeing us emerge strongly from the some of the worst trading conditions for decades.”
Source: NE Business
