The firm鈥檚 pre-tax profit rose to 拢7.8m from just 拢800,000 for the previous 12 months.
Turnover was down slightly at 拢165.6m (31 March 2010: 拢174.9m).
Carey reduced its net debt during the year from 拢28.3m to 拢9.2m after a refinancing arrangement and has "sufficient banking facilities in place for 12 months鈥�.
Its cash position is marginally worse than a year ago at 拢3.2m (31 March 2010: 拢3.8m).
Net assets increased to 拢40.7m (31 March 2010: 拢35.6m).
Pension liabilities were reduced from 拢2.3m to 拢800,000.
The family-owned Carey Group provides civil engineering, construction, concrete structures, and demolition services throughout the UK. It also has a development arm.
Carey鈥檚 head office is at Wembley in Middlesex, with other offices in Ireland, Livingston, and Milton Keynes.
The decline in turnover was due to a reduction in contracting income and residential sales, said chairman John Carey.聽
鈥淒uring 2010, all the group鈥檚 divisions reviewed and consolidated their resources to ensure competitiveness was maintained,鈥� he explained.聽
鈥淒espite the economic situation affecting construction, the contracting divisions within the group have made progress in securing contracts across a wide range of sectors鈥� and we are confident that the diversity of this client base will mitigate the effects of the slowdown.
鈥淥ur land and development division is pursuing planning permission from local authorities on a number of sites.
鈥淗ousing sales are in line with our budget. The company is in a strong position with no development loans or borrowings and can build according to market demand. We have approximately 400 plots available for this purpose.鈥�
Got a story? Email news@theconstructionindex.co.uk
