Thompsons of Prudhoe 'thrilled' at 2025 opportunities despite fall in profit and turnover

Directors at demolition specialist Thompsons of Prudhoe say they are excited at the opportunities in 2025, despite seeing turnover and profits fall in recent accounts.

The Northumberland business carries out demolition and dismantling, earthmoving and excavation, waste management, recycling and haulage operations across the North East. Recent investments have included a £10m spend on two washing plants for quarries at Springwell, Gateshead and Anick Grange, Northumberland.

The company has now published accounts for the year ended March 31, 2024, which saw it come up against strong comparatives from its 2023 performance – its 75th anniversary year in which it chalked up record figures.

As a result, turnover for 2024 fell 33% from £82.7m to £54.9m, while pre-tax profit also tumbled, from £18.2m to £24,147. The previous year’s operating profit of £18.5m was converted to a loss of £101,240 and overall profit for the year fell from £14.7m to £1.77m. Total equity increased from £35.9m to £36.7m.

A breakdown of turnover showed its contract work revenue fell from £66.2m to £39.5m, although its own product revenue rose from £4.48m to £6.1m. Group employee numbers dropped from 333 to 304.

During the year the firm acquired Lakeland Minerals Ltd, and accounts show the deal was struck for £2.43m. Since it was acquired, the firm has brought in £239,585 in sales, with profit of £63,403. A report within the accounts highlights how the year’s results came up against a number of big contracts seen a year earlier.

The report said: “The directors have considered the per