Bowmer + Kirkland (B+K) brought in solid returns and a stable cash position in its latest companies’ accounts report.
In the year ending August 2022, the Derby-based contractor made a turnover of £1.15 billion, bringing its end-of-year cash position to £501 million.
Though a slight dip compared to its 2021 results, with turnover being £1.18 billion and net cash at £515 million, net assets grew from £551 million to £574 million.
Representing a big year in acquistions, B+K also brought in a £13 million fair value gain on investments.
Increase in investments
B+K shares in associates grew from £3.6 million in 2021 to £13.4 million in 2022, with shares in joint ventures increasing from £15.7 million to 18 million.
Additionally, the firm made a number of investments into companies in 2021, including £2.9 million in developer Broadlands Wolverhampton, and £1.5 million in Cobalt Estates (Darlington).
The firm saw an increase in plant and equipment costs from £2.8 million to £4.6 million, boosting its overall carrying value to £17 million.
The increase in investment and spending affirm the slight dip in turnover but the overall stable position of the company’s cash.
However, B+K increased its carbon emissions from 2,253Wh to £2,3006Wh, due to the fuel consumed from company rental cars and employee vehicles.
This increase works against the firms goal to reach net zero by 2040.
Directors have received a pay rise of almost double, with total emoluments growing from £8.4 million to £14.6 million.
Salary increases for the company are at a total discount rate of 4.3%, from 1.7% in 2021.
In the report, chairman Jack Kirkland said: “2023 marks our first 100 years in the business. Proud of our past but always look to the future, I am confident that our strong balance sheet and outstanding staff will enable us to withstand the challenges and take advantage of the opportunities that we are presented with in the coming months and years.”
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