Demolition firm’s profit explodes after big year
NORTH East demolition specialist Thompsons of Prudhoe saw profits and revenues rocket in its 75th trading year.
The business – which is involved in demolition and dismantling, earthmoving and excavation, waste management, recycling and haulage – saw revenues rise from £69.7m to £82.7m in the year ended March 31 2023, while operating profit more than doubled from £7.2m to £18.5m.
The accounts for Thompsons of Prudhoe Holding Ltd show a dividend of £2m was paid during the year, up from the £1m paid out the year before.
Workforce numbers in the group increased slightly to 333, taking staff costs from £14.6m to £16.2m.
The business, which was established in 1948, said it made some significant investments during the financial year to position itself for sustained success.
Investments include two washing plants for quarries at Springwell, Gateshead and Anick Grange, Northumberland, amounting to a £10m spend, and the acquisition of Lakeland Minerals Ltd in Brampton, a sand and gravel quarry. It also continued to invest in updating its 86-strong fleet of wagons and 160-strong plant and machinery.
Work is under way at Anick Grange with investment to carry out works to create a new welfare unit.
The company is extracting sand and gravel from the site, based alongside the Tyne near Hexham, and once complete, it will create a new lake and wildlife sanctuary, and improve public access to the river.
Looking ahead, the family-run business is forecasting an increase in turnover.
Managing director Nick Shilling said: “There’s no denying we’ve had an incredible 24 months within our business, which is testament to the achievements of our team and the support of our clients and wider supply chain – we can’t thank you all enough.
“Whilst we recognise and celebrate this achievement, what we remain focused on is ensuring our business is set up for success for the next 75 years and beyond.
“The same ambition and passion that our workforce have shown over the last seven decades is what we take forward into our next phase of growth which is why the reinvestment of profit back into the business through various investments is incredibly significant to help us achieve our goals and continue to innovate within our industry.”
The company said it continues to play an active role within the community, with activities throughout the year to support charities including St Oswald’s Hospice and Tiny Lives, as well as the sponsorship of grass roots sports clubs and attending local school and college career fairs.
Last year also saw the team gain international acclaim at the World Demolition Awards in Toronto, for its successful demolition of the former Redcar Steelworks site.
Completing the project ahead of schedule, under budget and with no incidents, the project included one of the largest single explosions in the past 75 years.