(Alliance News) - Mountfield Group PLC on Tuesday posted its highest annual revenue since its float but the Essex-based flooring and construction firm lamented a "disappointing" 2019 which saw profit fall.
Mountfield shares were 32% lower at 0.65 pence each in London on Tuesday morning.
In 2019, revenue climbed 29% to GBP21.0 million from GBP16.2 million. Mountfield's pretax profit fell 24% to GBP840,740 from GBP1.1 million.
The company said: "This was a disappointing year for the group because despite producing its highest annual turnover since its listing in 2008, it also recorded lower profits than in the previous year."
Profit, Mountfield said, was hit by a "substantial loss" that was incurred on a contract. A provision of GBP291,568 was included in its 2019 accounts as a result.
"Without this onerous contract the profits would have been similar to those achieved in the previous year," Mountfield said.
"Overheads continue to be tightly controlled and the additional turnover was achieved without these being increased. However, the board does not feel that last year's level of turnover could be achieved again without the resources of the group being substantially increased, particularly in terms of management resources."
By Eric Cunha; ericcunha@alliancenews.com
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