Canary Wharf Contractors' profit jumps to £69.7m

Canary Wharf Contractors has reported a 30-fold rise in pre-tax profit, from £2.3m in 2015 to £69.7m last year.

In its financial results for the year ended 31 December 2016, the firm reported growth in turnover to £148.4m (£124.9m). Its cash reserves increased from £4.2m to £19.8m.

The contractor did not give an explanation for the spike in profit, with no exceptional items reported.

Canary Wharf Contractors now employs 325 staff, up from 271 in 2015.

The contractor’s live projects include the One Bank Street development at Heron Quays West, a 715,000 sq ft office building. “The concrete core and substructure was completed and practical completion of the structure is anticipated in March 2019,” the firm said.

Also at Heron Quays West, its parent Canary Wharf Holdings has secured planning consent for a 64,000 sq ft private members club.

In the Canary Wharf New District, an area to the east of One Canada Square, the contractor is building two residential buildings for the private rental market, which will provide a total of 501 apartments.

Canary Wharf Contractors said market confidence had been affected by Brexit, with the “full implications of the EU referendum…not yet clear. In the meantime, there is likely to be uncertainty which will be unhelpful to confidence across the whole real estate sector.”

The firm’s parent Canary Wharf Holdings was acquired by the Qatar Investment Authority and Brookfield Property Partners in 2015.