Inverness construction firm: ‘We count ourselves as extremely fortunate’
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Turnover and pre-tax profit have increased for an Inverness construction firm.
Compass Building and Construction Services is predicting the positive results will continue, stating in a strategic report accompanying its latest accounts: “Whilst the nation and its industries remain with an uncertain and challenging economic outlook we count ourselves as extremely fortunate to forecast that turnover for the year ahead is likely to be similar to that delivered in the year just passed. Furthermore, it is anticipated that margin will follow a similar pattern also.”
Turnover for the year ended September 30, 2022 was £38,240,374, up from £34,271,505 for the previous 12 months. For the same period, pre-tax profit increased from £987,118 to £1,605,057.
The firm added: “The report card for the most recent trading year reads well against what have been well documented and challenging trading conditions. Turnover was once again up on the previous years setting a new record of inflation assisted throughput, whilst margin in volume also progressed positively.”
It went on: “A key component for our multi-trade offering in recent years has been the presence of our sister company Orbis Services Limited and it is fair to say that this business also came of age during 2021/22. Carry forward workload for Orbis, fuelled by a similar position for Compass Building, is also extremely healthy for the coming year.”
The firm also highlighted some of its projects it was involved in including the Haven Centre in Inverness for the Elsie Normington Foundation and Rewilding Centre in Dundreggan for Trees for Life.
In terms of housing projects for the year, it described redevelopment of 51-53 Castle Street in Inverness for the Highland Housing Alliance as its jewel in the crown, adding: “This incredibly complex project fronting onto one of Inverness’s busiest streets necessitated the careful deconstruction of the front elevation with each stone being numbered, set aside and subsequently rebuilt. It was particularly pleasing to be part of a project that delivered modern contemporary city centre living but yet retained all the character of the original streetscape dating back to the 18th century.”
The firm’s average number of employees increased from 118 in 2020/21 to 128 in 2021/22, while staff costs increased from £5,996,016 to £6,585,227.
In terms of the cost-of-living crisis, the report added: “We were one of the first businesses in our sector to act by undertaking a wage review in the spring of last year, increasing the fuel allowance in May as well as delivering a common hardship payment to all staff members in June. We continue to ensure the health and wellbeing of our staff and the provision of advice and support delivered using a range of financial levers and through the provision of (mental) health support to individuals struggling with difficult conditions affecting them directly or those that are closest to them.”
