Profit boost at The Martin GroupBy Storm Rannard, Digital Staff Writer
Pre-tax profit has more than doubled at The Martin Group of Companies, which provide services including commercial fencing, waste recycling and vehicle maintenance, driven by its highways activities.
The company said its "strong" financial position and "considerable" cash reserves will allow for infrastructure investment in the future.
Accounts filed for HW Martin Holdings Ltd revealed pre-tax profit of £8.6m in the year to 31 July 2014, up from £4.3m a year earlier. Sales also increased to £88.9m from £84.5m.
The Alfreton-headquartered group hailed the performance of its highways division, which it said had gone from "strength to strength" due to a high demand in services in the sector.
It added that "substantial" investment in the division's management, operational labour, vehicles, regional depots and IT systems had led to a "controlled but significant" expansion, delivered with "attractive" financial returns from H W Martin (Traffic Management) Ltd, H W Martin Safety Fencing Ltd and Amber Langis Ltd.
A statement from H W Martin said its businesses in the waste recycling sector also delivered "impressive returns".
It comes in spite of the declining price of recyclable materials it has experienced though group company H W Martin Waste's contracts with local authorities.
"However, the board recognise that current market conditions are difficult and measures have, and will continue, to be taken to reduce cost base," it added.
But past restructuring in its Premier Waste Recycling company improved returns at the company, which said it will look to invest in the company’s fleet in the coming year.
The Martin Group employs more than 550 staff at its 16-acre base near Junction 28 of the M1.