Morrisroe has suffered a series of financial losses in its latest results.
Full accounts for the construction specialist, formerly AJ Morrisroe & Sons, to 31 October 2022 show a fall in turnover and diminished cash position.
The Group offers preconstruction, design, construction engineering, concrete structures, precast fabrication, post-tensioning design and installation, and plant and transportation services.
Highlights
- Turnover: £106.5 million (FY2021: £141.5 million)
- Gross loss: £4.6 million (FY2021: £3.5 million profit)
- Operating loss: £4.9 million (FY2021: £279,902 profit)
- Loss before tax: £3.8 million (FY2021: £1.8 million profit)
- Loss for the year: £2.4 million (FY2021: £2.2 million profit)
Company cash (at the bank and in hand) was reported at £12.8 million, compared to £21.4 million in the previous year.
Net assets (including P&L account) were valued at £47 million, compared to £49.4 million in 2021.
“Our strong balance sheet and cash position enabled us to trade through much of the market turbulence and the period and continue to pursue our business development objectives,” said the Group at the time.
Adding: “Some very unexpected price increases in relation to many of our key materials resulted in some disappointing trading results.”
Outlook
“We are correctly positioned for new growth areas having demonstrated a strong capability for sustainable design and construction, particularly in relation to retrofit projects as well as projects with ambitious and innovative reuse and repurposing objectives,” said the Group.
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