PJ Carey (Contractors) Ltd made a pre-tax loss of 拢48.0m in the year to 30th September 2022 on turnover of 拢274.3m (2021: 拢239.6m).
Carey Group, which includes the drylining business BDL, just about kept its head above water, making a 拢1,000 pre-tax profit, but with a 拢305,000 tax bill the bottom line after tax was a 拢304,000 loss.
For parent company Araglin Holdings, however, it was a different story, thanks to the reach of the Carey family鈥檚 business and property interests. It made a pre-tax profit of 拢42.8m (2021: 拢16.1m) on turnover of 拢336.3m (2021: 拢346.9m).
Executive chair Fiona O鈥橠onnell writes in the Araglin annual report: 鈥淭he year has been a turbulent one with continued challenges; the war in Ukraine, inflationary pressures, the energy and cost of living crises. The group has worked tirelessly to mitigate these risks impacting our projects buy working proactively with our clients and supply chain. The resulting loss after tax of 拢35m for our contracting division is disappointing but opportunities within our property division have realised a positive set of results, with a profit after tax of 拢65m, a testament to the long-term strategy of the group.
鈥淎s 30 September 2022 the group has net assets of 拢157m, which included 拢72m of real estate and 拢73m of gross cash.
鈥淒ecisive actions have been taken and we have worked hard to protect ourselves from continued inflationary pressures. Looking forward, we are well positioned and current trading shows the contracting business returning to profitability and we continue to move forward with confidence.鈥�
She continued: 鈥淲e have a strong order book of secured future contract revenue of over 拢600m and we are well capitalised.鈥�
Carey Group began in 1969 when brothers John, Tom and Pat Carey moved to London from Ireland in their van and started a groundworks contracting company called PJ Carey Plant Hire (Oval) Ltd. It remains a family business. Executive chair Fiona O鈥橠onnell is John Carey鈥檚 daughter; Tom鈥檚 son Tommy Carey is chief operating officer; and Pat鈥檚 son Jason is chief executive.
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