October 1, 2019 @ 7:12 by Steven Hugill
An historic bridge builder has praised its agility amid Brexit-induced uncertainty after posting a fourth consecutive year of profits.
Cleveland Bridge UK Ltd says operating profit hit £1.2 million in the year to December 31 2018.
According to the results, revealed yesterday (Monday, September 30), turnover stood at £37 million, with bosses revealing the Darlington-based business strengthened its balance sheet with a pipeline of new projects.
Phil Heathcock, chief financial officer, said the business had benefited from a number of market moves and operational changes, which included the strengthening of its relationship with sister companies in the Middle East.
Additionally, it opened an office in Newport to provide sales, design, engineering and project management services across Wales and the South West, and returned to the building structures and bridge services markets.
A large project to carry out rehabilitation and maintenance work on the Humber Bridge, originally fabricated by Cleveland Bridge, is scheduled for completion next month.
“The investments we have made in people, processes and technology has ensured we have remained profitable in an uncertain market,” said Phil.
“The Brexit effect has been negative on UK construction order flow, but we have remained agile and competitive, alongside our reputation for consistently delivering projects to satisfied customers, enabling the company to continue to return positive financial results.”
Earlier this year, Cleveland Bridge, which employs more than 250 people, including 23 apprentices, revealed it had completed work on its largest pair of steel girders.
The 56-metre-long girders, which will form part of a new bridge spanning the A45 in Coventry, beat the firm’s previous record of 50 metres, which it set in 2017 for the Aberdeen Western Peripheral Route project.
Since its inception, Cleveland Bridge has built some of the world’s most iconic structures.
The group was involved in erecting the Victoria Falls Bridge and in 1911 designed Middlesbrough’s Transporter Bridge.
It has also supplied bridges for the widening of the A1 in North Yorkshire, and jungle and rural crossings in Sri Lanka.