Record results for Battersea Power Station fit-out firm

Fit-out firm EE Smith Contracts has published a trading update for the year ended 31 March 2023 – reporting record results and a return to pre-pandemic profitability.  

The Leicester shopfitter, which has been trading for 125 years, specialises in the design, manufacture, and installation of joinery products and interiors for residential and commercial properties, and hotels.  

Its projects include JW Marriott Grosvenor House in London, Battersea Power Station, The Londoner Hotel, and others. 

Highlights 

• Turnover: £75,148,000 (FY2022: £61,524,000) 
• Gross profit: £10,092,000 (FY2022: £8,184,000) 
• Operating profit: £2,683,000 (FY2022: £1,234,000) 
• Profit before tax: £2,786,000 (FY2022: £1,206,000) 
• Profit for the year: £2,347,000 (FY2022: £1,163,000) 
• Cash (at bank/in hand): £15,949,000 (FY2022: £10,018,000) 

Net assets (including profit and loss account) were valued at £10,062,000 (FY2022: £8,465,000). 

“I am delighted to report a record year of trading and a return to pre-pandemic profitability,” said managing director, Neil Bottrill. “When viewed against the continuing headwinds of material and labour inflation, as well as huge increases in energy costs, I must consider the year to be a financial success and one to be very proud of.” 

Outlook 

“The markets in which the Company operates remain incredibly strong, with continued sizable high-end development opportunities in super prime residences, multi-unit high-end residential and luxury hotels, all seemingly unaffected by the challenges of recent years,” said the Company.  

It said it will deliver improved profitability in the next financial year, but it expects revenue to be lower.  

Image credit: Alberto Pascual, CC BY-SA 3.0 <https://creativecommons.org/licenses/by-sa/3.0>, via Wikimedia Commons. 

Enjoyed this? Try New contractor to replace Henry in west London