For the year ended 31st March 2023 Octavius Infrastructure grew turnover by 13% to 拢215m (2022: 拢191m) but pre-tax profit was down 34% at 拢3.86m (2022: 拢5.86m).
Sullivan Street Partners acquired Osborne Infrastructure from family owned Geoffrey Osborne Ltd in September 2021. In March 2022 it was rebranded as Octavius Infrastructure.
Profits in fiscal 2023 were down partly because of two contracts whose budgets were hit by cost inflation and partly due to the 2022 result including a one-off benefit relating to the release of an unused long-term incentive plan (LTIP) provision on completion of the sale of the company in September 2021.
This year鈥檚 results also includes 拢1.2m of transition costs, relating to the split from Osborne.
Profit before exceptional items dipped rather less 鈥� from 拢5.9m to 拢5.1m.
The results for the financial year and the financial position at year-end were considered by the directors to be good, chief executive John Dowsett writes in the annual report. Cash on the balance sheet at financial year-end was 拢9.3m, up from 拢8.3m at the start of the year, and total equity grew from 拢14.4m to 拢17.8m.
During the year Octavius Infrastructure spent more than 拢60,000 on reforestation and renewable energy projects around the world 鈥� planting 4,000 trees 鈥� to 鈥榦ffset鈥� 4,000 tonnes of CO2e.
Highlights of the year include completion of the company鈥檚 largest ever contract, the 拢61m A46 Binley flyover in Coventry, and winning substantial work for Network Rail.
Octavius Infrastructure is one of four contractors on Network Rail鈥檚 Southern Integrated Delivery framework, which is expected to deliver 拢9bn of work over the next 10 years. It also has a stations and building works contract for Network Rail鈥檚 Wales & Western Region.
Chief executive John Dowsett said: 鈥淭hese results represent a solid year in which we鈥檝e continued to lay firm foundations for success as an independent, specialist engineering business that our customers, partners and colleagues want to work with. With a strong project pipeline and further opportunities to convert, the board and I have every confidence in our strategy to safely deliver profitable growth across Highways and Rail.
鈥淎s ever, it is our people that sets our business apart. They have thrived in our newly independent business, seizing the opportunity to make some great improvements such as investing in carbon neutrality, recruiting new talent, further developing our existing teams and delivering 拢63m of social value. These have been achieved whilst continuing to place safe project delivery for our customers at the heart of everything that we do and against a backdrop of significant cost inflation.鈥�
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