FM Conway has passed the £500 million turnover threshold in its latest results.
The Kent infrastructure services company traded well in the year to 31 March 2023, returning stable profits and cash position.
“Despite the economic challenges businesses faced, our annual turnover grew to £535 million,” said the Group.
“Part of the year-on-year increase was due to the impact of inflation, however growth was also achieved as a result of new work on contracts.
“The rate of increase in costs was unprecedented in the first half of the year, slowing thereafter. These increases were mitigated through additional activity, increased sales prices and active cost management through substitute materials.
“This meant the Group made continued progress towards delivery of its strategic targets.”
Highlights
- Turnover: £535.2 million (FY2022: £478 million)
- Gross profit: £50.5 million (FY2022: £49.6 million)
- Profit before tax: £15.4 million (FY2022: £17.1 million)
- Profit for the year: £11.3 million (FY2022: £9.5 million)
FM Conway also recorded an operating profit of £29.8 million, slightly up on the previous financial year.
Group cash (at the bank and in hand) was reported at £52.4 million, compared to £48.5 million the previous year.
Net assets and total equity were valued at £109.8 million, compared to £104.4 million in FY2022.
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