TSL reports drop in turnover after delayed projects


Buckinghamshire contractor TSL Limited has published its financial results for the year ended 31 December 2022 – reporting falls in cash balance and turnover. 

TSL Limited
Credit: TSL Limited.

The firm operates throughout the UK as a technical construction partner to clients specialising in facility design, project management and construction across food, pharma, logistics, data centre and advanced manufacturing sectors.  

  • Turnover: £455.3 million (FY2021: £548 million) 
  • Gross profit: 3% (FY2021: 3%) 
  • Operating profit: 1.5% (FY2021: 1.8%) 
  • Cash: £25.2 million (FY2021: £36.9 million) 

TSL delivered 21 major logistics projects in 2022, accounting for 67% of its turnover.  

Also, 90% of its business came from existing client relationships. 

More than two-thirds of forecasted turnover was secured in Q1 of 2023.  

The firm also operates from regional premises in Newcastle and Lymm.  

It also has sprawling international operations.  

“Despite the numerous economic and industry challenges ranging from inflation, high interest rates, and the conflict in Ukraine, the results of the company show a strong performance,” said TSL. “Although turnover reduced due to delayed projects, margins were maintained at 2021 levels, our financial targets were achieved, and we delivered against all of our business KPIs.”  

Adding: “We have secured a strong pipeline of projects for 2023 on a negotiated basis, reducing the impact of price volatility.”  

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