Construction, development and support services firm Robertson Group said an £87 million project at RAF Lossiemouth helped it to a big jump in profits and turnover in the year to June 2021.
Robertson built hanger facilities to house the new fleet of Poseidon aircraft at the base.
The client was aircraft manufacturer Boeing, which delivered all nine Poseidon aircraft to support maritime surveillance, anti-submarine warfare and anti-ship warfare operations.
Family-owned Robertson, which splits its headquarters between Elgin and Stirling, also cited its work on the award winning £53m community campus at Inverurie among the highlights of its 2020-21 trading year.
The group has illustrated its strength in the marketplace and the resilience of its teams to deliver a strong set of results.”
Elliot Robertson, chief executive, Robertson Group.
The company reported turnover of £588m, or £49 million per month, on average, against £650m (£43.3m per month) over a 15-month accounting period to June 2020.
Pre-tax profits during the latest period came in at £16.9m, up from £1.2m previously.
Robertson described 2020-21 as “a year of positive progress and trading, with a solid balance sheet and capital base.”
It said it had a healthy order book for the current and next financial year, and was “on track to achieve budget” for both turnover and profits.
Chief executive Elliot Robertson added: “The group has illustrated its strength in the marketplace and the resilience of its teams to deliver a strong set of results and quality of earnings in what continues to be challenging times for both our industry and the wider economy.
“Having taken the decision last year to extend our reporting period by three months we have been able to provision for the challenges imposed by Covid-19 and position ourselves well for recovery.
“Our focus as we move forward will be on delivering on our group strategic objectives, which are centred around meeting the needs of our customers, developing our people and moving towards higher levels of sustainability, responsible business and continuous improvement in all that we do, whilst retaining strong governance and risk management.”
Mr Robertson said the firm was “challenged by the current climate of price inflation and material and labour availability”.
But strong supply chain partnerships, an “ongoing commitment to developing our talented people”, together with rewards and retention strategies, will have “positive outcomes” for the business, he added.
“A year of positive progress and trading with a solid balance sheet and capital base.”
Robertson Group announce annual results to 30 June 2021.https://t.co/PUx2cRJt8B pic.twitter.com/YY7sNB5MXi
— Robertson (@RobertsonGroup) March 28, 2022
Robertson said its facilities management arm enjoyed 24% growth in turnover to £94m in 2020-21.
Construction activities delivered “robust” trading and a turnover of £462m, the firm added.
The group highlighted its green credentials, saying it became climate positive in 2020-21 by “maintaining offsetting and further reducing our carbon intensity by 18.4%”.
It also pointed to a strong, debt-free balance sheet to support future growth and new investment.
Mr Robertson added: “Looking forward, we are prepared for the challenges that will be presented by the changing economic climate.”
The group employed 2,607 people, on average during 2020-21, down from 2,773 in the previous 15 months.
