Legendre UK recently released its latest financial results.
While full accounts for the company in Hertfordshire show increased turnover and earnings to 31 December 2022, the company recorded a profit loss on the previous financial year.
Its cash position was also greatly diminished.
Legendre UK is the British subsidiary of international real estate development and construction business Groupe Legendre.
The company also recently expanded its operation into the property development sector.
Labour availability, the impact of Brexit, high inflation, and materials price volatility were constant pressures affecting trading performance, said the company.
- Turnover: £21.7 million (FY2021: £18.8 million)
- Gross profit: £5 million (FY2021: £3.5 million)
- Cash (at the bank and in hand): £28,299 (FY2021: £526,659)
Earnings for the year (before depreciation, impairment and taxation) amounted to £1.1 million, compared to £698,452 in 2021, but a loss of £8.7 million (FY2021: profit £683,768) after an impairment on some investments.
Company directors did not recommend payment of a final dividend.
During the year, the directors performed an impairments review of the company’s investment in the subsidiary, resulting in a provision of £9.8 million.
Net assets (including P&L) were valued at £3.5 million, compared to £1.6 million in the previous financial year. This was the result of a recapitalisation by conversion of a Group loan of £10.6 million into equity.
“The company remains confident that it is well positioned to take advantage of opportunities in the market,” said Legendre UK. “Our order book for 2023 is secured, putting the business on the front foot for the years to come. It should result in a record high turnover despite the headwind faced by the economy in the UK. The focus will be shifting towards securing our turnover for the year 2024.”
Enjoyed this? Try Will HS2 Birmingham to Manchester route go ahead?
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.