Keltbray鈥檚 annual report for the year ended 31st October 2023 shows turnover increasing by 30% 拢689.0m.
Gross profit increased 25% 拢72.5m, while operating profit decreased 20% to 拢4.9m due to investment in the business. With a 拢5.3m outlay on interest payments and similar expenses, the pre-tax result was a 拢1.2m loss, compared to 拢3.4m profit the previous year.
For Keltbray, however, the story is all about continuing growth. During fiscal 2023 its order book more than doubled, reaching 拢1,100m
Of the total 拢689m revenues, the Built Environment division contributed 拢312m, despite clients remaining hesitant and delaying project starts. Infrastructure recorded revenue of 拢378.4m, as predicted framework packages came to market, in energy and nuclear decommissioning in particular.
Group executive chairman and owner Brendan Kerr said: 鈥淜eltbray鈥檚 business model has certainly been put to the test over the last four years, and I am pleased to report that it has served us well, making us an even stronger, more dynamic business today.
鈥淚 would like to thank everyone at Keltbray for their dedication and hard work. Their high levels of engagement have once again been instrumental to the business in producing a good set of results against a challenging backdrop.鈥�
Chief executive Darren James said: 鈥淚 am pleased with the group鈥檚 performance, particularly in key infrastructure markets such as energy transition and decarbonised transport, where secured work now exceeds 拢1bn. Our high-quality order book provides visibility and security of future workloads, keeping our projects safely on track and enabling us to deliver a record set of results.
鈥淥ur two division, one business structure, addresses a broad range of large and expanding UK end markets, all of which are adapting to key structural drivers such as social and political change, carbon neutrality, energy transition and supply chain challenges to name but a few. This plays to Keltbray鈥檚 strength and will bring further opportunities for the group.鈥�
No dividends were paid during the year.
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