Profits slashed at historic group which helped build London’s Olympic Stadium, Old Trafford and Chill Factor

Pre-tax profits at a Greater Manchester group which has worked on projects at London’s Olympic Stadium, Old Trafford, Chill Factor and the Mall of the Emirates in Dubai more then halved during 2020 while its turnover dipped below the £200m mark.

William Hare Group, which is headquartered in Bury, has reported profits of £2.4m for the 12 months to December 31, 2020, down from £5.3m.

Its group turnover also fell from £203.1m to £191.6m over the same period.

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The business specialises in engineering, fabrication and structural steelwork as well as manufactured products and can trace its roots back to 1888.

Among the other projects the group has worked on include Spinningfields Square in Manchester, the Barton Square extension at the Trafford Centre, New York University as well as bridges over the Yas Marina F1 track in Abu Dhabi.

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A statement signed off by the board said: “The order book position is extremely strong at the balance sheet date and the directors note that there have been further awards of contracts in 2021 to date.

“The directors continue to monitor the impact of the Covid-19 pandemic; however, it is encouraging to note that quality projects continue to come to market and the pipeline of opportunities remains healthy which reflects the group’s standing in the UK and world markets.

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“In addition to the strong balance sheet and health order book, there continues to be substantial headroom against all financial facilities.

“The directors believe that this positions the business in a strong position to endure any market conditions and to capitalise on the continuing market recovery.”

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