Newark-based offsite specialist Caledonian Modular has suffered a £3.7m pre-tax loss despite seeing sales more than double to £53m.
It is the third consecutive year the modular specialist has suffered an operating loss although directors said they were confident the business would return to profitability next year.
The 132% jump in sales in the year to March 2018 was largely down to a contract to supply worker accommodation at the Hinkley Point C nuclear power station project.
The firm has also picked up several framework agreements including the Education and Skills Funding Agency modular frameworks for both primary and secondary schools block replacement programmes
Paul Lang, chief executive officer of Caledonian, said in the company's reported accounts than Caledonian had recorded a significant increase in turnover in the year and expected to build on this in 2018/19 returning to profitability.
"Activity levels in the company's sectors remain high with a very positive outlook and the company has both a strong order book and pipeline of opportunities."
The report added that the company's principal shareholder New York hedge fund MAK Capital had confirmed it would continue to provide financial support to parent company Trent Fabrications in meeting liabilities as and when they fell due.
The fund took a controlling stake in the business last year.
Over the year average staff numbers rose 40% to 226.
During the year, Caledonian also signed a collaborative partnership agreement with consultant Arcadis to target the residential sector.
Arcadis is now working with Caledonian to develop new modular designs and to build additional capacity in the commercial and technical delivery of new housing.
Original link - Construction Enquirer
