Darlington-based steelwork contractor Cleveland Bridge UK has returned to profit under its new management team after four years of losses.
The specialist bridge contractor, which is owned by Al Rushaid Petroleum Investment Company, has bounced back after a £7m loss in 2014 to report a £2.5m profit last year.
Its improved performance was built on revenue ahead by half to £51.5m.
Cleveland Bridge UK said prospects for the business looked good after securing several UK and international projects for 2016 and 2017 including orders for the extension to the M74 motorway in Scotland, the redevelopment of London Bridge Station and the A6 Manchester Airport Relief Road.
Much of the turnover is understood to come from the company’s profitable Sri Lankan contract to provide 210 rural bridges over the next few years.
Managing director Chris Droogan said: “The efforts of the new management team, together with the commitment of our workforce and the support of our owners have enabled the business to return to profit.
“Cleveland Bridge UK has been a cornerstone of the British steel industry for more than 150 years and we are building on that legacy and global reputation by implementing innovative practices and production methods that will deliver further growth in UK and international markets.
“Through continued investment and increased activity in our international sales functions, Cleveland Bridge UK aims to maintain its profitability and secure our position and reputation for high quality and timely project delivery.”
He added that the firm, which now employs around 300 people directly, has invested in new equipment and implemented new processes to support production improvements, which will continue in 2016 to underpin further growth and profitability.