North east builder Surgo Construction fell into the red last year after revenue slumped 40% to just under £13m.
The builder is now in revenue terms a third of the size it was when it was rebranded in 2004, following a demerger from the Bowey group.
James Walker, managing director, said the Newcastle firm’s fall to a loss of £400,000 from a £300,000 profit last year reflected the challenges of Covid during an already challenging period.
Net funds stood at £1.1m dowm from £3.7m in 2019.
Dedspite the revenue fall, staff levels remain steady at around 80 as the firm received £370,000 for the Government job retention scheme.
Walker said: “We currently have a strong order book with total budgeted turnover for 2021/22 representing a strong performance. At this level we will once again be profitable in 2021 despite the ongoing effects from Covid-19.
“We are continuing to tender for further work to enable us to achieve our budget and are confident this will be exceeded by the end of the year.”
Surgo’s commercial director, Dave Blyth, said: “We are enjoying a steady flow of new opportunities thanks to the buoyant market which looks set to continue for some time with increased levels of investment in the region and as more projects that had previously been put on hold because of Brexit uncertainly and more recently the pandemic, are resurrected
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