Total group revenue for the year ended 31st December 2021 was up 14% to 拢1,270m (2020: 拢1,114m) and underlying operating profit was up 67% to 拢21.7m (2020: 拢13.0m) with strong contributions from all sectors of the business.
Bottom line pre-tax profit soared to 拢61.7m, up from 拢9.5m in 2020, although that figure was boosted by a revaluation of investment properties.
Group net assets increased by 20% during the year to 拢248.6m (2020: 拢206.6m) 鈥� this is attributed to strong operating performance and improvements in property valuations 鈥� net cash reserves reached 拢216.6m by year-end (2020: 拢173.8m).
Chief executive John Murphy said: 鈥淭hese results reflect the strengthening resilience across the group and the benefits of actions we have taken in recent years to improve contract selectivity, enhance relationships with our key client base, and to focus on generating a strong cash position.鈥�
He added: 鈥淎t the year end, we had a high quality and growing order book of more than 拢2.239bn, up 28% from the previous year, giving us an exciting pipeline of opportunities which underpin our confidence for the years to come, as we look to deliver on our ambition of being the leading family-owned construction business.鈥�
Got a story? Email news@theconstructionindex.co.uk
