We are off and on our way in 2021. Our first Culture of Care topic for this year was about being positive, and I would like to give you all some insight into positive company news:
Although our revenue is down 30% due to COVID, we are still projecting a 2021 revenue around $300M, without any new work coming in. In fact, our revenue projections (with funded work that will start regardless of economic conditions) show company profitability through 2023—again with no new work! So even with the economic hardships created by COVID and any lingering impacts, we are positioned to excel through the next 3 years. We fully anticipate adding more projects to our backlog and continuing the momentum we had prior to COVID!
We are bullish on new project opportunities in the first 2 quarters of 2021. We started the year off by winning a preconstruction agreement with Seabrook to build a luxury condominium complex. In addition to being an exciting project to be a part of, Seabrook has an ambitious long range plan which could translate to years of work!
We are currently pursuing work totaling about $300M and see about $500M in great opportunities coming out in the next couple of months. This is a huge volume of work to chase in that amount of time, so special thanks to our marketing, estimating, and preconstruction groups who are putting in enormous efforts. These are very important pursuits to build on our current backlog and to continue to position us for long term success, so additional thanks to everyone that is working so hard on these proposals, interviews, estimates, schedules and everything else that goes into procuring work! It is truly a team effort.
We will be welcoming 6 new project engineers to the team in late spring through our college recruiting efforts. Our recruiting teams are doing a great job staying in engaged with UW, CWU and WSU facility, staff and students. These efforts translate into our recruiting some of the best and brightest new employees.
And finally, we are in a position to give raises in early March. Thanks for all your hard work and dedication that made this possible.
Jeff Richards, President