ONE of the north's leading construction firms has seen its profits fall over a third after consecutive years of growth.
Co Down-based Graham, which has a current order book of £1.2 billion, has reported a decline of 37 per cent in pre-tax profits from £13.1m to £8.2m, according to its latest accounts.
Company revenue also fell by just over 4 per cent over the past 12 months from £767.6m to £735m, although this comes after a 36 per cent spike recorded in the previous year.
The privately-owned company remains profitable across all divisions however, and "continues to be in a strong financial position", group executive chairman, Michael Graham maintained.
"First and foremost, these latest accounts indicate stability, particularly as we recorded profits across all of our divisions. This will provide us with a solid platform to continue to grow sustainably," Mr Graham said
“We have also produced a healthy balance sheet, with strong cash balances of £63m and no trading debt. Our intent is to continue to invest in the balance sheet to ensure that we can be selective about the projects we work on and the partners we work with."
Looking ahead, Mr Graham has forecast that the firm's current order book will push turnover next year up by almost 20 per cent to £875m.
The publication of the latest accounts coincides with the launch of Graham’s new five-year business strategy entitled 'Forward Momentum'.
Under the plan, the group will look to continue to pursue sustainable, organic growth with an optimum business turnover of between £850m and £900m.
“We also want to be known as a business defined by the quality of our projects rather than the size of our revenue," Mr Graham said.
"So far, we have been very successful in this regard as quality has differentiated us, and we believe it will continue to do so. To maintain this standard, we will continue to significantly invest in training, systems and processes to ensure we get it right first time on site whilst ensuring Graham is a safe, accident free place of work."
Graham specialises in the delivery of building, civil engineering, interior fit-out, facilities management and investment projects.
The firm operates 17 offices (including its headquarters in Hillsborough), employing 2,400 staff, of whom more than 1,100 are from Northern Ireland.
