Halsion increased its turnover and saw its pre-tax profit more than double in its latest set of financial results, although this was partly due to an extended reporting period covering the trailing 18 months on September 30, 2022.
The mechanical and electrical (M&E) specialist reported a pre-tax profit of £7.3m in its latest results, compared with £3.5m in previous accounts for the 12 months ended on 31 March 2021. Turnover also grew, from £42.7m to £72.8m.
The average number of employees remained unchanged at 100.
In a strategic report included with the latest results, firm director Jimmy Edwards described a successful trading period “despite the challenges and volatility that remain in the wake of the global pandemic”.
He said the majority of Halsion’s turnover was generated through a “substantial level” of repeat business from “reliable and highly regarded prime contractors, focused on the healthcare, retail, residential, commercial, industrial markets and leisure”.
Edwards added: “The directors ensure that Halsion is not overexposed to any customer to mitigate the risks posed by the potential failure of large contractors… Halsion takes a partner approach to its supply chain members with a strict policy of paying to all key suppliers within deadlines This strategy ensures that members of the supply chain have the assurances they need to choose Halsion as their preferred partner.
“Having secured another strong order book, directors anticipate 2022/23 to be another profitable year.”
Last month, Construction news revealed that an adjudicator had ordered Halsion to pay developer St Thomas Street Development almost £2m for a faulty generator installed at London’s Shard Place project.
Halsion’s contract was terminated in February 2022 because it had to pay for and install a replacement generator, an obligation that Halsion disputes.
