Keltbray expecting demolition fine appeal decision by autumn as firm turns in record turnover

Keltbray expects to find out at the end of the summer whether its appeal against the amount it has been fined by the Competition and Markets Authority for its involvement in the demolition sector’s bid-rigging scandal has been successful or not.

The firm’s latest accounts show that its spent £554,000 on legal fees in the year to October 2023 after deciding to contest the level of fine it was hit with last March.

Keltbray has argued the amount of £16m is too severe and has previously said: “Keltbray did not instigate any infringement activity or benefit financially from the infringements, and therefore believes the intended penalty is excessive when compared to Keltbray’s level of involvement.”

The results show that turnover at the firm was up 30% to a record £689m with the firm saying its order book was up 120% to £1.1bn, with three-quarters of its revenue for its 2024 financial year already secured.

Chief executive Darren James said: “I am pleased with the group’s performance, particularly in key infrastructure markets such as energy transition and decarbonised transport. Our high-quality order book provides visibility and security of future workloads, keeping our projects safely on track and enabling us to deliver a record set of results.”

The firm said it had tightened up what jobs it bids for with Keltbray adding that there was around £4bn in a pipeline of upcoming work.

Operating profit fell 21% to £4.2m which the firm said was down to the cost of its CMA legal challenge and spending £2.1m on a refinancing deal. Pre-tax profit fell from £3.4m last time to a £1.2m loss.

The firm said its year-end cash position was £39m which comprised cash balances and unused bank facilities.