CCG sees pre-tax profits rise to £19.9m but warns of Brexit uncertainties
Glasgow-based construction group CCG has posted a rise in pre-tax profits to £19.9 million but warned that Brexit has caused “unquantifiable uncertainties” for the firm.
The firm’s pre-tax profits are up from £12.64m reported in 2019. In the year to March 31 2020, CCG’s turnover also rose from £168.4m to £187.7m.
Despite its positive results, CCG warned that the UK’s exit from the European Union has brought “unquantifiable uncertainties” which will probably affect the availability and cost of materials while striking an upbeat tone on current trading.
The group said its suspension of trading activities between late March and June last year as a result of the government imposed lockdown restrictions would result in a fall in profit in its current financial year ending on March 31.
However, the firm added: “(Given) our trading since our return and our forecast to 31 March 2021 the group expects to achieve an acceptable level of turnover and profit in the year.
“This level of trading and the healthy bank balance of the company and group will ensure that the effects of this pandemic will not have serious consequences to the continuing activities of the company.”
The firm also highlighted the rewards of its commitment to the affordable housing sector, while declaring training and investment in young people are at the core of its “ethos”.
In their report filed alongside the firm’s annual results, the directors of CCG (Holdings) said: “The group has produced very encouraging results in the year. The current business platform continues to be very strong. The commitment made by the company to the affordable housing sector has borne rewards with increases in net profit from the previous year.”
Commenting on the impact of Brexit, the directors added: “Brexit brings unquantifiable uncertainties which will probably affect our material availability and costs. The challenge will be met head-on by the group and its supply chain partners.”