Spencer’s latest accounts report positive performance despite pandemic

06th Sep

Engineering business C Spencer has delivered a positive trading performance in its latest published accounts, reporting turnover of £42 million and a pre-tax profit of £0.5m despite very challenging market conditions due to the pandemic.

Covid-driven site closures in the early part of the business year to the end of March 2021 resulted in very low operating levels with restrictive working practices during lockdown causing delays on several projects and postponement of a number of newly secured contracts.

The company continues to deliver high-quality engineering solutions for its blue-chip client base in the rail, bridges and industrial sectors, delivering a number of critical infrastructure projects. The business entered the current financial year with an order book of secured work totalling £53 million and a strong pipeline of opportunities.

Since the previous business year end, the company has resolved an ongoing dispute, securing a £3.8 million cash injection for works previously undertaken. This has provided a major boost to funds, enhancing working capital reserves and overall liquidity. 

The company looks forward to a year of continued profitable growth.

Charlie Spencer, founder and executive chairman of the Hull-based business, said: “Given the difficult circumstances over the past 18 months as a result of the pandemic, this is a positive set of results and our staff are to be commended for their efforts and commitment in what has been a very challenging period.

“We are now in the happy position of recruiting new staff to service our increasing order book.

“Despite the pandemic we have continued to recruit apprentices, primarily from Ron Dearing University Technical College in Hull, to join our apprenticeship programme and I am delighted to say this is having a fantastic impact on the business.

“While we will always seek to add quality people to our existing team and are currently recruiting to support our expansion, we firmly believe in growing our own engineers and leaders of the future and see the high-level apprenticeship route as being pivotal to this strategy.”

BusinessWorks Hull & East Yorkshire Autumn 2021

Features from the latest print magazine, Autumn 2021

  • Find out who our readers named the most inspiring business leaders in Hull and East Yorkshire
  • Cocuun have a whole-house solution to energy-efficiency
  • The amazing story of veteran-turned-entrepreneur Jon Hilton
  • What’s happening in Hull? – Dave Bushnell lets us know
  • How Good2Learn is lightening the load of teachers – and parents