02 July 2021
Midas on track to return to pre-Covid performance in 2021
Midas Group expects a swift return to pre-Covid turnover levels in 2021 after the disruption caused by the Pandemic saw the Group post its first ever loss in more than 40 years trading.
The Group has reported consolidated turnover for the 18-month period to 30th October 2020 of £291.3m and a loss after tax of £2m after absorbing the impact of Covid-19.
During the period, disruption, including lockdowns, had an adverse effect on revenue and profit with some projects ceasing work temporarily and significant work taking place to develop and successfully implement plans to safeguard the health, safety and wellbeing of employees and contractors, in compliance with government and Construction Leadership Council guidance.
Throughout this, and as the economy and investment has recovered, Midas has been successful in maintaining a strong order book. This, combined with positions on 45 frameworks, which includes the Department for Education and Southern Construction frameworks, as well as recent appointments to the £10bn GLA Retrofit Accelerator for Homes Initiative and the £350m ABRI Residential Framework, gives confidence that the business will return to pre-pandemic revenues of circa £250m p.a. and a return to profitability. The Group continues to operate with no debt.
Alan Hope, Midas Group Chief Executive, said: “As we all know, it has been an extraordinary period of time; one in which the construction sector has been impacted significantly but has also shown its value to the country and the economy through the success of critical infrastructure projects and the Government’s focus on construction helping lead the recovery.
“What has been remarkable during this unprecedented period of uncertainty has been the phenomenal performance and achievements of the exceptional people at Team Midas.
“It is in testing periods such as these that leaders emerge and we had many people raise their heads up and lead their teams and colleagues through the most challenging of situations. Our teams have emerged stronger for the experience and we have in front of us a strong pipeline of exciting projects working with some world-leading customers.
“Our order book leaves us well positioned to capitalise on the renewed optimism in the economy, to continue to support our customers and to create exciting opportunities for our talented people.”
Financial reports for Midas Group are available to view here.