Graham says Brexit bureaucracy issues threaten to delay sites | New
Northern Ireland contractor Graham said he had to make sure he faced the extra red tape caused by Brexit and that ongoing material shortages did not end up causing delays in work.
The company, which posted improved profit in its latest set of accounts, admitted “the additional purchasing complexity and administrative burden brought on by Brexit and supply issues caused by the covid-19 pandemic could cause costly delays[s] in the materials delivered to the site ”.
The accounts, which were approved late last month, showed a 7% increase in pre-tax profit to £ 12.1million for the year through March.
The company said revenue fell 5% to £ 808million, although it improved its cash position to £ 119million from £ 73million.
Accounts show he claimed just over £ 6million from the government’s coronavirus job retention program.
He added that he had repaid £ 1.3million of the leave money he had received since the beginning of last July and said he had stopped using the initiative, which is expected to be liquidated in September, in December of last year as trading conditions improved.
He did not say how many employees were put on leave, but in a statement, the program was used to “protect the jobs of more than 2,200 employees.”
Graham said staff members whose salaries were temporarily reduced to preserve the money were reimbursed in full while the company added that staff received a “gratitude payment” in recognition of their efforts during the ‘year.