The UK’s second-largest steel contractor William Hare continued to lose money last year – though its total loss for the period has more than halved since its previous financial year.
The company’s accounts to the end of December 2022 showed a pre-tax loss of £853,000, compared with £2.2m in 2021.
William Hare’s turnover increased slightly, from £239.5m to £248.3m. The firm also held cash of £20m at the year-end, up from £18.9m in the previous year’s accounts.
The company has recently worked on major projects such as Hinkley Point C and Battersea Power Station.
William Hare said its order-book position at the close of the year was “extremely strong”, with “further significant contracts” awarded in 2023.
It added: “It is encouraging that quality projects continue to come to the market, and the array of opportunities remain, reflecting the group’s standing both in the UK and world markets.”
The firm said that factors such as its healthy order book and balance sheet put it “in a strong position to endure current and any future market conditions and to capitalise on future market opportunities”.
William Hare employed an average of 1,771 staff in 2022, of which 779 were in the UK.