Gilbert-Ash has blamed inflation for a 65 per cent fall in its pre-tax revenue.
The Northern Eire-based contractor grew its turnover for the fifth 12 months in a row in 2023, with a 1.5 per cent enhance to £267m, in response to accounts filed at Firms Home.
Nonetheless, Gilbert-Ash noticed its its pre-tax revenue fall by nearly two-thirds, from £4.5m to £1.5m, within the 12 months ending 31 December 2023. The group’s pre-tax revenue margin subsequently fell from 1.7 to 0.57 per cent.
It comes simply days after mechanical and electrical specialist Simm revealed its family owners pumped £4m of their own money in after buying and selling was hit by the identical market situations.
In a enterprise evaluation printed alongside the numbers, Gilbert-Ash managing director Ray Hutchinson mentioned: “Earnings are in keeping with expectations as, all through 2023, the development trade continued to deal with vital exterior pressures, together with unprecedented inflation which impacted enter prices.”
Hutchinson mentioned that the contractor “stays vigilant to modifications within the financial outlook”, including that the corporate “maintains a strong monetary place”.
He added that the agency “continues to construct a full portfolio of profitable development initiatives throughout a rising vary of sectors together with training, arts and tradition, accommodations and leisure, and office, with a excessive quite a lot of extremely prestigious challenge wins and completions in 2023”.
The agency has delivered work for a spread of sectors together with workplaces, residential, scholar lodging and leisure. Tasks received included a £29.8m contract to redevelop the Tate Liverpool artwork gallery within the metropolis’s Royal Albert Dock.
Gilbert-Ash employed a median of 200 workers in 2023, up from 199 a 12 months earlier. The group paid an interim dividend of £174,250 throughout the 12 months.
