One of the oldest building contractors in the North East has reported improved financials in its latest results.
Full accounts for T Manners & Sons to 31 December 2022 reveal increased turnover and profits for the County Durham firm.
Founded in 1860, it is believed to be the oldest family-owned construction company in the North East of England, it said.
Highlights
- Turnover: £18.2 million (FY2021: £13.6 million)
- Operating profit: £190,156 (FY2021: £107,503)
- Profit before tax: £197,947 (FY2021: £96,119)
- Profit for the year: £212,890 (FY2021: £103,496)
- Cash: £12,042 (FY2021: £533,991)
Net assets and shareholder funds were valued at £1.4 million, compared to £1.2 million the previous year.
A dividend of £10 per share was paid on 7 January 2022; total dividends paid to year-end were £30,000.
Outlook
The company plans to expand its construction division, joinery and small works turnover will increase, and mechanical will expand its management structure.
“2022 was a year of increasing workload in the construction division,” said the company. “[It] also brought inflation into the operating challenges and materials supply impacted the construction division.
“This […] had the effect of delaying our larger orders and also necessitated additional payments to subcontractors. This has affected our profits by at least £250,000.”
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