Profits down but turnover up at Algo
Tayside construction company Algo has reported a fall in profits but a rise in turnover as directors take steps to ensure that it comes out of the Covid-19 pandemic in as healthy a position as possible.
Algo, which employed nearly 100 people during the 12-month period to the end of June 2020, saw pre-tax profits drop to £653,963 – compared to £818,886 the year before.
However, it managed to increase turnover to £19.34 million from £18.45m previously.
The business was set up 25 years ago by farmer Peter Alexander, who is still a non-executive director at the venture. Peter’s son, Murray, is managing director of the business.
The strategic report with Algo’s results states that the directors are “confident” that the company will continue to operate profitably.
During the last financial year, Algo’s projects included being contractor for the new Trinity Church in York Place, Perth, while it also constructed a Co-operative store and an additional two retail units at Forres in Moray.
The company’s portfolio of commercial buildings is reported to have grown steadily over the years.
It added: “With our own extremely successful Algo Business Centre and repeat custom from prestigious clients such as Castlecroft, Algo has gained a wealth of experience building specifically for serviced office providers.”
The firm said it is the clear leader for agricultural building across central Scotland. It added: “Although alike in their aesthetic qualities, our agricultural buildings and sheds are far from kit construction.
“As bespoke design and builds, each project is looked at in its entirety to ensure areas of importance such as environment, business growth, planning department regulations and long-term diversification are all considered when drawing up plans and putting together designs.”