{"id":21274,"date":"2023-08-28T03:54:40","date_gmt":"2023-08-28T10:54:40","guid":{"rendered":"https:\/\/essential.construction\/news\/collins-earthworks-blames-profit-dive-on-red-diesel-hit\/"},"modified":"2023-08-28T03:54:47","modified_gmt":"2023-08-28T10:54:47","slug":"collins-earthworks-blames-profit-dive-on-red-diesel-hit","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/collins-earthworks-blames-profit-dive-on-red-diesel-hit\/","title":{"rendered":"Collins Earthworks blames profit dive on red diesel hit"},"content":{"rendered":"

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The firm blamed the removal of the red diesel rebate in the face of rapidly rising fuel costs.<\/p>\n

Revenue at the business edged up 5% to \u00a3113m in the year while staff levels also jumped by nearly a third to 400.<\/p>\n

Director Dave Collins said: \u201cThe profitability for the year has been impaired due to changes in government legislation on the use of red to white diesel, which has resulted in an increase in the costs during the year.\u201d<\/p>\n

He added: \u201cAs experienced by companies within the sector, there have been increased costs in stone, aggregate surcharges, and other products which are utilised on site, and the company is currently reviewing potential sources in order to reduce these costs.\u201d<\/p>\n

Collins said that the business continued to invest in onsite hybrid machines electric fleet vehicles and the potential use of all-electric 8-wheeler vehicles.<\/p>\n

\u201cThe company remains confident that the turnover for 2023 will be in line with that of 2022, and that direct costs should be reduced in line with practices invoked by the board which should results in higher net profits for the next financial year.\u201d said Collins.<\/p>\n

Cash at year-end was down from around \u00a36m previously to \u00a34m.<\/p>\n

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