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Halsion’s work on the William Harvey Hospital in Kent
Halsion grew 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 18 months ending 30 September 2022.
The mechanical and electrical (M&E) specialist reported a £7.3m pre-tax profit in its latest results, compared with £3.5m in previous accounts for the 12 months ending 31 March 2021. Turnover also grew, rising from £42.7m to £72.8m.
The average number of employees remained unchanged at 100.
In a strategic report included with the latest results, company director Jimmy Edwards described a successful trading period “despite the challenges and volatility which remain following the global pandemic”.
He said that most of Halsion’s turnover came via a “substantial level” of repeat business from “reliable and highly regarded main contractors, focusing on healthcare, retail, residential, commercial, industrial and leisure markets”.
Edwards added: “The directors ensure Halsion is not overexposed to any one client to mitigate the risks posed by the potential failure of large contractors… Halsion adopts a partnered approach to its supply chain members with a strict policy of paying all key suppliers within terms. This strategy ensures supply chain members have the necessary assurances in choosing Halsion as their preferred partner.
“Having secured another strong order book, the directors anticipate 2022/23 will be another profitable year.”
Last month, Construction News revealed that an adjudicator had ordered Halsion to pay almost £2m to developer St Thomas Street Development over a faulty generator installed at London’s Shard Place scheme.
Halsion’s contract was terminated in February 2022 on the grounds that it was required to pay for and install a replacement generator, an obligation that Halsion disputes.
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