Modular firm in £3.7m loss despite 132% sales increase
Modular specialist Caledonian Modular has slipped into a £3.7m pre-tax loss in 2018, despite increasing sales by 132%.
The Edinburgh firm, which specialises in the pre-engineering and construction of accommodation buildings, recorded sales of £52.8m in the year to 31 March 2018, up from £22.7m the year before.
Its rapid increase in sales was largely due to a contract the company was awarded to build worker accommodation at Hinkley Point nuclear power station, the company said, as well as winning other contracts and places on a number of frameworks.
It completed the construction of the first phase the campus development for workers at Hinkley Point C in May this year. The Bridgwater Campus is the larger of two developments, with Caledonian providing 29 accommodation blocks, each offering ensuite rooms for 34 workers. A further 15 buildings will be located on the Hinkley Point C site, providing direct access to the construction zone.
In July this year, it announced it had won a place on the £300m Education and Skills Funding Agency (ESFA) Batch C modular framework for a new secondary schools block replacement programme.
Meanwhile, director James Lang said in a statement in the company’s accounts in Companies House that he expected the company to return to profitability in 2019 and that it had a “very strong” order book and pipeline.
He also revealed that the company still has the financial support of parent company principle shareholder, private equity firm MAK Capital for at last another 12 months.