Mii Engineering Limited has published a strong set of financial results.
Accounts to 31 January 2023 for the company in Caerphilly, Wales show healthy increases in turnover, profits and earnings, and an improved cash position.
The company covers all aspects of engineering from mechanical to electrical, pipework, manufacture and maintenance.
It also has a scaffold division within the Mii Engineering Group.
The company has 496 staff, up from 437 in 2022.
“Revenue has increased during the year, activity with existing key customers has remained strong, and demand for the company’s services with new customers expanded during the year,” said Mii Engineering.
Adding: “A shortage of competent tradespeople, whilst identified as a potential risk, is also recognised as an opportunity to explore emerging industries.”
Highlights
- Turnover: £52.3 million (FY2022: £42.1 million)
- Gross profit: £7 million (FY2022: £5 million)
- Operating profit: £981,165 (FY2022: £524,578)
- Profit before tax: £846,002 (FY2022: £448,616)
- Profit and income: £682,173 (FY2022: £357,209)
Retained earnings at the end of the year were £4.4 million, compared to £3.7 million the previous year.
Cash (at the bank and in hand) was reported at £815,285 (FY2022: £562,842).
Net assets and shareholder funds were valued at £4.5 million, compared to £3.8 million the previous year.
The directors did not recommend payment of a final dividend.
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