Family business swings to a loss despite increasing turnover to £269m
PUBLISHED: 09:15 21 October 2019 | UPDATED: 11:51 21 October 2019
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Despite increasing turnover by more than £25m, a family-owned Norwich firm has swung to a loss.
R G Carter, which is based in Drayton High Road, saw pre-tax losses of £6.4m for the year to December 31, 2018.
This is compared to profits of £2.2m in 2017.
Turnover soared from £243.3m in 2017 to £269.6m in 2018, with bosses saying that the results did not "reflect the skills, endeavours of the staff or the quality of service".
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Chairman Robert Carter wrote in the accounts: "During 2018 there have been a number of widely reported financial challenges within the construction sector.
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"For the construction division, 2018 was a challenging year and a year in which disappointingly the financial reward we have received on the successful delivery of a long-term project has not matched the effort and skills expended or the quality of the delivery we have achieved for our client."
The firm has a number of offices across Norfolk, including Attleborough, King's Lynn and Thetford.
Despite the overall losses, the group said its property division had a "successful year".
A spokesman said: "Looking forward to 2019, we have a large number of project for trusted clients with whom we have strong relationships and despite the current political and economic uncertainty there is a healthy pipeline of opportunities in our region."