Stirling-based Robertson Group bounces back from Covid with strong profit and order book

Robertson Group, the Scottish construction, infrastructure and support services business, has reported a strong rebound from the depths of the pandemic with a sharp rise in annual profits and a healthy order book.

The Stirling-based group posted turnover of £588 million for the 12 months to June 30, 2021, which compares with £650m in the prior 15-month period. Profit before tax amounted to £16.9m, up from £1.2m in the previous extended period.

Bosses at the family owned business pointed to a “healthy” order book for the current and following financial year with the 2022 order book secured and on track to achieve budget at both turnover and pre-tax profit level.

They also highlighted a strong debt free balance sheet “to support future growth and new investment”.

During the period, Robertson Construction Group completed a major project for Boeing to provide new hangar facilities at RAF Lossiemouth, to house the new fleet of Poseidon aircraft.

Chief executive Elliot Robertson said: “The group has illustrated its strength in the marketplace and the resilience of its teams to deliver a strong set of results and quality of earnings in what continues to be challenging times for both our industry and the wider economy.

“Having taken the decision last year to extend our reporting period by three months we have been able to provision for the challenges imposed by Covid-19 and position ourselves well for recovery.”

The group said its capital projects business was “making real progress” with its 25-year strategic partnering agreement, designed to help public sector bodies to overcome the issues and constraints that prevent progress towards sustainable development and services.

During the period, Robertson Construction Group completed an £87m project for Boeing to provide new hangar facilities at RAF Lossiemouth, to house the new fleet of Poseidon aircraft.

Meanwhile, Robertson Facilities Management continues to form a core part of the group’s “growth and value strategy”, supporting an extensive portfolio of long-term public sector customers across healthcare, education and commercial facilities. Turnover now amounts to £94m, supporting more than 1,400 workers.

Urban Union had its first year as a wholly owned subsidiary of the group. The business focuses on urban regeneration and currently operates from four developments across Edinburgh and Glasgow.

The firm said there was “significant scope” to continue to expand the brand.

Cash at the year end stood at £155m, up from £116m, according to the latest accounts.

Robertson said: “Looking forward, we are prepared for the challenges that will be presented by the changing economic climate.

“Following a year of positive progress, trading with a solid balance sheet and capital base, we have every confidence that we will continue to operate as forecast.

“Ultimately our performance comes down to our teams across the UK, who remain a key focus.

“Our employees have been exemplary during the period and as we continued to adapt to an ever-changing environment their health, safety, and wellbeing, alongside that of our customers, supply chain and the general public remains our number one priority.”

He added: “We are challenged by the current climate of price inflation and material and labour availability. However, through our strong supply chain partnerships and our ongoing commitment to developing our talented people, together with rewards, and retention strategies, we are resolute in our confidence that the year ahead will have positive outcomes for the business.”

A message from the Editor:

Thank you for reading this article. We’re more reliant on your support than ever as the shift in consumer habits brought about by coronavirus impacts our advertisers. If you haven’t already, please consider supporting our trusted, fact-checked journalism by taking out a digital subscription: www.scotsman.com/subscriptions