Tyneside building services outfit John N Dunn Group Limited reported profits of £123,520 in its latest financial year, having posted losses of £1.03m the year before.
The Wallsend-headquartered firm which was founded in North Shields in the 19th Century specialises in plumbing & heating, electrics and low carbon building services.
A 21% increase in turnover to £26.1m in the year to the end of March 31, 2014, up from £21.6m in 2013, helped to bolster the firm which also operates bases in Leeds and West Lothian.
A statement within the firm’s strategic report read: “The directors recognise that the economic climate remains challenging and the construction industry is highly susceptible to liquidity and credit default risk.
“However, conditions within the sector have improved significantly, aided by such government initiatives as the ‘help to buy’ scheme, and as such, confidence within the industry is continuing to improve.
“During the last two financial years the company has put in place measures to safeguard the future of the business.
“The company has undergone rigorous cost cutting and organisational restructuring exercises and negotiated funding facilities with Centric Commercial Finance sufficient to meet its working capital requirements.
“It enters the new financial year with a secured workload 20% higher than the previous year and has implemented internal procedures to improve the efficiency of contracts to produce better gross margins.”
During the year the firm increased the number of operational staff it employs, taking headcount from 271 to 292.