Briggs & Forrester has published a trading update – reporting “disappointing” results due to inflation, and project delays and a cancellation.
“The financial result was disappointing and was impacted by significant inflation on fixed price contracts that were secured before the war in Ukraine and the resulting high inflation,” said the Group.
“There were also some significant project delays initially from Covid disruption early in the year and then latterly due to supply issues from other trades where we have not always been able to recover all of our staff costs.”
Adding: “One significant project was also cancelled after commencement due to the withdrawal of client funding.”
- Turnover: £101.9 million (FY2021: £103.7 million)
- Gross profit: £8.3million (FY2021: £11 million)
- Operating profit: £1.5 million (FY2021: £1 million)
- Profit before tax: £1.5 million (FY2021: £972,716)
- Profit after tax: £1.5 million (FY2021: £738,121)
- Retained earnings: £10.1 million (FY2021: £11.6 million)
- Cash (at bank/in hand): £317,503 (FY2021: £6.4 million)
Net assets (including profit and loss account) were valued at £10.1 million (FY2021: £11.6 million).
Its forward order book (for the year ended 31 October 2022) was valued at £192.9 million (FY2021: £187.7 million).
Secured orders at the time were £101.9 million (FY2021: £118.9 million).
It expects 25% volume growth in its pipeline in the new financial year.
Average staff headcount was 287 (FY2021: 303).
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