Tide Construction鈥檚 financial results for the year to 31st August 2023 show 聽11% turnover growth to 197.2m (2022: 拢177.5m) 聽but pre-tax profit softening at 拢7.1m (2022: 拢11.1m).
At the year end, the company鈥檚 net assets were 拢57.4m (2022: 拢74.6m), having paid a dividend of 拢23m during the year.
Tide is owned by 72-year-old Irishman John Fleming.
鈥淭he directors are pleased with the revenue growth," he wrote in the annual report. "Continuing price inflation in materials and subcontractor costs reduced margins in our contracting operations but, as in 2022, project management work helped to reduce the overall impact of price inflation in our core business. The directors remains focused on strengthening the business by embracing the revolution taking place in offsite construction in addition to the development of modular technology.鈥�
A highlight of the year was completion of Europe鈥檚 tallest modular building. Its College Road development in Croydon comprises a 35-storey tower and a 50-storey tower, the latter of which is 鈥� at 163 metres 鈥� Europe鈥檚 tallest volumetric modular building.聽 The volumetric units were produced by Tide sister company Vision Modular Systems in Bedford. Overall the development comprises 937-homes across two buildings
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