For the 2019/20 financial year, our group turnover increased by 13% (£216m 2019/20 : £191m 2018/19:) and our profit margin was maintained at similar levels to the previous few years (£62.3m 2019/20 : £53.6m 2018/19).
Our financial year ended on 30th April so the COVID-19 lockdown which occurred in mid-March had a relatively minor impact on that year’s financial results. We anticipate a greater impact on our 2020/21 and future financial years as the full effect of lockdown and the subsequent major downturn in the economies of our core markets of the UK and US take hold. Pre-COVID we saw continued strong demand for our core services of Project Management, Cost Management, Programme Management and Project Controls. In particular we saw strong growth for Project Controls and Infrastructure.
We are now six months into our 2020/21 financial year and although workload has shown some signs of recovery since the lockdown in spring we remain cautious about the medium to longer term outlook but the fundamentals of G&T’s business – our vision, values, culture and financial strength – remain strong and we are well positioned to manage the challenges that lie ahead.