Elliotts Brothers has filed its financial report for the year ending 31 December 2018.
In 2018, after-tax profit for the veteran company, which can trace its origins to 1840, was £1.99 million, down from £2.27 million from the previous year. The turnover dipped from £77.8 million to £72.9 million due to bad weather at the beginning of the year.
The report however is optimistic for 2019, describing a “strong start” to year, despite Brexit uncertainty. “In the first quarter, trading in ahead in both the builders’ merchant business and the roofing contracting business, helped by better weather,” the report states. As a result, the directors expect profit to recover.
This is overshadowed by a slightly more pessimistic background: “The industry outlook is for little, if any, growth in 2019, excluding any Brexit impact.” Although there is hope that strong government commitment to house building will help in the longer term.
The report also reveals that the average number of employees over the year rose from 300 in 2017 to 312 in 2018 and that the highest paid director received remuneration of £185,000 (up from £179,000 in 2017).