Belfast fit-out firm reports record turnover of over £43m
A BELFAST fit-out firm whose previous projects include Wembley stadium and Harrods has reported record turnover of over £43 million in its latest financial results.
Portview Fit-Out saw its revenue rise by 7 per cent from £40.4m to £43.1m in the year to November 30, 2017, while profit before tax at the leading contractor grew by a massive 72 per cent in 12 months, from £3.2m to £5.5m.
After tax, however the company recorded a loss of £2.1m due to a heavy tax bill of £7.6m
The Belfast company saw a dramatic jump in European contracts over the year, with the total value of work outside the UK rising from £2.2m to £14m. Staff numbers also grew marginally from 82 to 84.
In the strategic report accompanying the accounts, the directors reflected positively on the figures
"The company has performed strongly again this year achieving record turnover figures for the company. There has been a good mix of work across retail, office, hotel, high end residential and stadia sectors. The company will continue to pursue high end work which reflects the company's skill set. The environment remains very competitive, but repeat business remains consistently high."
"The directors are pleased to have settled all previously contingent liabilities with HMRC and these settlements are fully reflected in this year's accounts. Whilst a retained loss after tax is reported due to these one off settlements the company has been strengthened by a significant investment from its holding company placing it on a firm foundation for continued future success," they added.
The financial results were released as Portview was again recognised as as one of the top contractors in the world earlier this month. Portview won contractor of the year for the second time at the annual Global RLI Awards held at the Natural History Museum in London, while the fit-out firm was also highly commended for its work on the Harvey Nichols' flagship store in Knightsbridge in the interior excellence category.