Erith back in profit after fine

Erith has posted a profit, a year after being fined following a bid-rigging probe.  

The contractor announced a pre-tax profit of £5.1m in the year to September 2023, reversing the loss of £13.8m made in the prior year. 

Last March, together with nine other demolition contractors, Erith was found to have colluded with competitors when submitting bids for work, with 19 projects worth more than a combined £150m affected. 

The company was fined £17.6m, and had paid out £8.6m during the accounting period in question.

In the year’s results, the firm’s income rose 9 per cent to £227m.

Chairman Steve Darsey said: “We are pleased to have positively moved forward thanks to the support of both our clients and our long-standing business partners. 

“We now have established, robust systems within the business, rendering it impossible for any further infringements of competition to occur.” 

He added: “Furthermore, we continue to train all staff involved in marketing, preconstruction, tender submissions and negotiation.”