Turnover grew however revenue fell final yr at Morrisroe Demolition Ltd, the agency previously referred to as Cantillon, in accordance with annual outcomes launched right this moment.

Whereas firm director Brian Morrisroe acknowledged that the agency was pursuing a “important pipeline” of labor, he mentioned he was cautious of potential future headwinds.

The demolition and groundworks specialist, which traded as Cantillon Ltd till a change of identify on 24 July, generated pre-tax revenue of £1.3m from turnover of £34.6m for the yr ending 31 October 2022.

Final yr, Cantillon posted income of £32.5m and pre-tax revenue of £1.7m, which means pre-tax margin dropped from 5.2% final yr to three.8% this.

“The monetary yr 2022 has seen a rise in exercise ranges,” Morrisroe mentioned in his overview of the enterprise. “A powerful pipeline, together with a major quantity of tasks delivered with repeat order tasks, has resulted in buying and selling being again to pre-pandemic ranges with income growing by £2.1m (6 per cent) on our earlier yr’s outcomes.”

Ongoing work for Morrisroe Demolition contains eight tasks in London alone, however Morrisroe expressed concern that inflation and rate of interest stress will “check the viability of tasks within the close to future”.

He added that the agency will “focus its forthcoming consideration on tasks with its present consumer base, the place it has an understanding of the funding safety”.

Morrisroe Group acquired a controlling stake in Cantillon in 2020.

The agency has made a provision to cowl the £1.92m effective imposed by the Competitions and Markets Authority (CMA) for its position within the cover-bidding scandal that hit the demolition sector.

Cantillon was certainly one of 10 firms fined a mixed £59.3m by the CMA in March for “unlawful cartel agreements” within the submission of bids for 19 tasks.

Two former Cantillon managing administrators – Michael Cantillon and Paul Cluskey – are amongst 4 people who had been disqualified from being firm administrators for specified durations, for his or her position in cover-bidding preparations.

Nevertheless, in Might the Excessive Court docket gave Cluskey permission to proceed as a director on the agency, topic to a raft of circumstances, together with the appointment (with Excessive Court docket approval) of a brand new non-executive director, two new administrators and a contest compliance officer to Cantillon.