Chairman Jack Kirkland described his company鈥檚 2023 results as 鈥渄ecent鈥�.
Turnover for the year to 31st August 2023 was up 8% to 拢1.24bn (2022: 拢1.15bn) while pre-tax profit was down 15% at 拢53.4m (2022: 拢63.1m).
鈥淒espite challenging conditions in the wider construction market, I am please to report that鈥he Bowmer & Kirkland Group achieved a decent financial performance,鈥� said chairman Jack Kirkland, whose family trust owns the business.
鈥淥ur construction companies performed well albeit returns were impacted by inflation, a small number of difficult projects, and some subcontractor insolvencies,鈥� he added.
The Peveril Securities property development business made a significant contribution to the results this time as long-term projects came to fruition.
Operating profit took a hit, falling from 拢47.0m in the 20922 financial year to 拢24.3m, due to the cost of sales rising.
Net assets grew during the year to 拢591.8m (2022: 拢573.6m) as it added investment properties; cash balance at year-end stood add 拢458.8m (2022: 拢501.2m)
In March 2023 Bowmer & Kirkland acquired the Coventry-based panel manufacturing business Innovar茅 Offsite Limited from the Osborne Group for 拢7.9m, 拢6.4m of which was accounted as goodwill.
2023 was Bowmer & Kirkland's centenary year.
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