Midas see fall in revenues despite rise in profits

Property & Construction | South East | South West

Midas Group, a privately-owned construction and property services company, has posted figures for the 12 months to April 2019 showing a year in which it successfully sustained its revenue levels despite a contraction in its target market.

Revenue for the Group for the 12 months to April 2019 was £259m (2018: £267.4m).

The results reflect the company’s aim for long-term sustainable growth, driven by its strategy to become the contractor of choice in its chosen markets, through the delivery of its vision to be leaders in customer service and performance.

Despite tighter margins being experienced across the construction sector this year, the Group saw profits increase slightly on last year at £0.75m for the 12 months (2018: £0.7m).  It has been well documented this year that the sector has also had its liquidity and debt challenges, but 2018/19 saw the Group continue to operate with no debt, ending the year a significant cash reserve of £22.7m.

Alan Hope, Midas Group Chief Executive, said: “We’re pleased to be able to report a year in which we consolidated the significant growth recorded in 2018 – especially so given the continued disruption seen in the sector.

“We continue to focus on our vision of delivering industry-leading customer service and performance which is at the heart of how we do business and will ensure we are well placed for the future.”

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