Family business swings to a loss despite increasing turnover to £269m
- Credit: Archant
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".
MORE: 'I swore I'd never run another pub': Landlady with a magic touch reveals refurbished freehouse Chairman Robert Carter wrote in the accounts: "During 2018 there have been a number of widely reported financial challenges within the construction sector.
"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."
You may also want to watch:
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".
- 1 Woman left with 'serious back injuries' after pub fight
- 2 Norwich pub's shock after city council refuse outdoor seating bid
- 3 Driver flees after crashing into level crossing
- 4 Police and air ambulance called to major incident near Norwich
- 5 Delivery driver fined for 'flagrant' seafront stunt caught on CCTV
- 6 Couple sell 'amazing' converted water mill after two-year renovation
- 7 Hairdressers working 12-hour days to recoup Covid losses
- 8 Day of two halves - Footballer wins £80,000 and breaks leg in 24 hours
- 9 Caravan left dumped near beach for several years will be removed
- 10 Man staged his own kidnap to get ransom from his family
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."