Security services firm The Protector Group says new contracts and a pipeline of work from HS2 have helped it build profits.
In recently filed accounts, the North East business reported broadly flat turnover of £22.8m in the year to the end of March 2022 but said it could see turnover top £25m next year. Operating profit for the year was £796,850 compared to just £372,319 in the period from the start of October 2019 to the end of March 2021.
New contracts in the UK infrastructure sector - including with the likes of National Rail, National Highways and Network Rail - had boosted the 300-strong firm, which provides security guarding and equipment across the country. Chief executive Ken Slater said Protector's strategy to target what it called "critical national infrastructure contracts" had paid off and that it hoped for further HS2 work "for many years to come."
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Writing in the accounts, he said: "We continued to work on HS2 projects deploying officers, CCTV towers, mobile security and decisions on several Phase 2 tender opportunities submitted and are confident our high quality specialist services will be recognised resulting in additional profitable work for many years to come.
"In addition to HS2, the board's strategy continues to focus on critical national infrastructure works and we have won significant contracts for projects awarded by National Grid, National Highways and Network Rail. Due to the high standard of our service we are delivering on the projects mentioned above we have significantly increased our customer base during the year under review and are on several critical national infrastructure frameworks as a result."
Mr Slater also pointed to more than £300,000 of investment in research and development across products such as solar towers, new bastion designs and a new seismic security product. The move follows a £1.25m investment, announced last year, which also included the opening of a 20,000 sqft engineering hub at the Derwenthaugh industrial estate in Blaydon.
The expansion was funded by investment from Protector shareholders Lord Stevens and Alan Fletcher as well as bank funding. At the time Mr Slater said the company had "moved into a different gear" as it eyed further HS2 opportunities.
During the accounting period, Protector made us of £750,000 in Government Coronavirus Business Interruption Loans along with invoice discounting and the support of shareholders. It also received £52,061 from the Coronavirus Job Retention Scheme.
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