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Creagh Concrete hit with £6.3m loss in latest accounts


Creagh Concrete recently worked on a project at Gulson Road in Coventry

Creagh Concrete recently worked on a project at Gulson Road in Coventry

Creagh Concrete recently worked on a project at Gulson Road in Coventry

Manufacturing firm Creagh Concrete has made a £6.3m after-tax loss in its latest results after losing £4.2m on a contract, the company has said.

The off-site precast firm, which is based in Toomebridge and carries out commercial and residential work, said it had managed to trade throughout the pandemic. It achieved sales of £102m for the year ending September 30, 2021.

But it said it had been hit with a multi-million pound loss on a big contract in the UK and had faced “unprecedented” cost increases on all its major raw materials. It had also won its biggest contract to date in a deal worth £26m.

However, the business said it had managed to make efficiencies after a full review, and had introduced price increases, with the result that the business had returned to profit in the present year.

The company revealed its figures ahead of their publication at Companies House.  Previous accounts for the 18 months ending September 30, 2020, reported turnover of £157m, pre-tax profits of £76,630 and an after-tax loss of just under £40,000. 

Chief executive Seamus McKeague said: “We have acted swiftly to recover increased energy and raw material costs by applying price increases to regain our trading margins.

“I am confident that we have a robust strategy in place and are on track to deliver our budget for the 2021/22 financial year.

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“Our products and services are in high demand and our order book is healthy, with a solid pipeline of opportunity supported by our reputation for innovation and great people which continues to drive our strong client relationships.”

The family-owned company has bases in the UK and Ireland, manufacturing, supplying and installing precast concrete.

Its £26m contract is with international property company Vastint and will involve using Creagh’s Rapidres precast system to build three apartment blocks in London.