Inverness firm Compass Building and Construction Services hopes for smooth Brexit transition
Register for free to read more of the latest local news. It's easy and will only take a moment.
AN Inverness construction firm hopes materials will cross borders without a hitch following Brexit.
Compass Building and Construction Services is keeping an eye on ongoing negotiations after the UK left the EU last month.
It comes after the firm experienced increased turnover for the year ended September 30, 2019 compared to the year before.
A strategic report accompanying the firm’s latest accounts stated: “Given the levels of secured and committed workload for 2019/20, there is nothing to suggest that performance will differ significantly from the previous year, though we remain ever vigilant and alert to any changes, as yet unknown, that will follow the outcome of, and reaction to, the Brexit negotiation.
“It would be our hope that in the event that the Brexit decision is upheld, that the previously enjoyed smooth passage of materials across borders would not be compromised.”
Turnover increased from £27,013,294 in 2018 to £31,549,329 last year. For the same period, pre-tax profit dropped from £1,494,313 to £1,425,133.
The report stated: “Profit on core activities was slightly down on previous year’s figures, curtailed owing to the recognition of difficulties experienced on one exceptional contract – the decision having been taken to ensure that all costs associated with same have been fully traded out in the current year.”
It went on: “It is pleasing to be able to report an exceptionally healthy carry forward of workload into the 2019/20 trading period with turnover set to be sustained in line with last year‘s record throughput.
“This consistency of volume is largely fuelled by the needs and ambitions of our valued repeat trading partners augmented by the continued and encouraging emergence of new business accounts as the industry continues to be buoyant.”
The average number of employees increased from 98 in 2018 to 113 last year, while staff costs increased from £4,514,902 to £5,380,947.
The report added: “Despite concerns in other sectors of the economy, the construction sector, at least within the Highland market, continues to perform strongly with present concerns relating to resource shortages and the availability of quality tradespeople to maintain and produce the high quality of product that is synonymous with Highland construction while we move through a period of increased output.
“Clearly, ongoing uncertainty continues to have a negative impact on the wider economy. However, with specific regard to the construction industry, it is pleasing to note that a common theme associated with the major political parties is the championing of increased inward investment for housing, infrastructure and services.”
