Sheffield Forgemasters has now revealed a pre-tax loss of £16.4m for the year ending 31 December 2017, compared to a £900,000 loss the year before. This was the result of decision to accelerate the depreciation of the asset base of the company. Prior to this accounting change, the company recorded a pre-tax profit of £200,000 on revenue of £76.1m, up 4 per cent on the previous year.
The new executive team at Sheffield Forgemasters International has said that the engineering giant’s “buoyant order book” puts it in a position to achieve stronger levels of profitability in the future. However, an accounting change has resulted in a £16m pre-tax loss in its latest set of accounts. David Bond became the new chief executive in August 2018, succeeding Dr Graham Honeyman, who stepped down from the board in July. Bond has been joined by SteveContinue reading