Quartzelec has reported an increase in pre-tax revenues to £1.2m, based on a £63.4m turnover for the 30 September 2017 year.
Set against the uncertainty sparked by the Brexit vote and challenges in several key markets, including UK steel and the construction sector that over the 12-months saw several high profile casualties, this reversed the reported £1.6m pre-tax loss in 2016, on a turnover of £64.9m.
A statement signed off by the board said: “It is expected that the market environment will remain challenging, however, the directors anticipate that the company will continue to trade profitably in the forthcoming financial year and thereafter continue to expand through organic growth both in the UK and overseas.”
The UK contracting activity within the construction sector has continued to affect results however it is believed that more selective tendering will have a positive impact going forward and our rotating machines business continues to perform consistently.
The external economic factors, which influenced turnover and profitability in the prior year, have had a reduced impact on results this year. The generally higher and more stable oil price over the year has helped reduce losses in the upstream oil and gas market compared to the prior year following the restructuring of the operations, while the increased certainty in the future of the UK steel market has also benefited the company.
In 2017, Quartzelec celebrated ten years of OEM independence and 100 years of heritage, building its reputation as a cost-effective provider of electrical engineering services.
Key to this was strong leadership, a dedicated and knowledgeable 600+ workforce, as well as a positive ‘can do’ approach. In addition to a network of successful workshop facilities in the UK, Internationally, the Abu Dhabi workshop opened in 2016, performed well in its first full year of trading, and operates alongside its businesses in the Philippines, Malaysia, and Switzerland. Quartzelec is also making positive inroads into the North American market.