Neilcott Construction Group has opened another base of operations and returned a tidy profit to its workforce after reporting a healthy financial result.
During the year to 31 December 2023, Neilcott was able to open a new regional office in Hemel Hempstead alongside its Orpington and Winchester bases, extending its reach across the south of England.
It also declared a 30 per cent increase in the value of its balance sheet since becoming an Employee Ownership Trust (EOT) in 2021 (£7.5 million).
“The project margins were consistent when compared to 2022 and were again sufficient to fund capital payments to the EOT,” the group said.
“This in turn allowed the sharing of profits with its indirect employee shareholders.
“In the year 2023, a total of £250,040 was distributed to all eligible employees on an equal share basis.”
Turnover for the year ended 31 December 2023 was £138.8 million, up from £100 million in the previous financial period, generating a pre-tax profit of nearly £3 million (FY2022: £2.5 million).
The Orpington-headquartered contractor generated an operating profit last year of £3.5 million, down slightly from £3.6 million in the prior period.
Net assets were valued at £7.5 million, roughly in line with the year before, with cash at £17.8 million, up from £13.1 million in FY2022.
Profit after tax for the year was £2.5 million (FY2022: £2.6 million).
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