Directors at Durham construction specialist MGL Group have hailed strong trading after boosting revenues despite the pressures of labour and materials shortages.
The Durham based business said it had accrued a record order book across all divisions, resulting in turnover returning to pre-pandemic levels, rising from £56.4m to £70m in the year ended March 31. But it said margins were squeezed by inflationary cost pressures across its supply chain, leading to pre-tax profits falling slightly, from £3.16m to £3.04m. Operating profit also fell, from £3.224m to £3.081m and overall profit for the year was £2.34m, down from £2.56m.
The business – which won five awards from the Civil Engineering Contractors Association North East – is overseen by founder Alan Davison’s son and son-in-law, while his daughter is a group director, and third-generation family members have also recently joined the company to support its future.
