Applebridge Construction Limited has published increased turnover and healthy profits in its latest results.
Growth in the financial period to 30 April 2023 is attributed to new relationships with North East regional housing associations and its multi-utility division.
Part of the Applebridge Family, the Middlesbrough company provides construction, engineering and multi-utilities services across the North East, Yorkshire and Derbyshire.
Its clients are regional and national housebuilders, regional housing associations, Tier 1 and 2 commercial contractors, private developers and utility providers.
The company said it continues to invest heavily in plant, technology and training.
The Applebridge Family is poised to exceed £100 million in turnover for the first time in 2023.
“The company’s strategic goals were produced for 2022 to 2024 with the expectation of difficult trading conditions post the covid pandemic,” said ACL. “However, company performance has generally exceeded these targets, with market demand being extremely strong.”
Highlights
- Turnover: £62.4 million (FY2022: £50.6 million)
- Gross profit: £10.3 million (FY2022: £7.5 million)
- Operating profit: £5.5 million (FY2022: £3.7 million)
- Profit before tax: £5.3 million (FY2022: £3.5 million)
- Profit for the year: £4.3 million (FY2022: £2.8 million)
Cash (at the bank and in hand) was reported at £6.6 million, compared to £4.4 million the previous year.
Net assets and shareholder funds were valued at £10.7 million, compared to £6.8 million in FY2022.
Outlook
“The board of directors look forward to FY2023/24 with cautiousness given the slowdown in the markets towards the end of 2022,” said the company. “Continued high inflation, coupled with the high cost of borrowing, is affecting the construction sector along with the rest of the economy.
“However, the board of directors are optimistic that with ACL’s diverse revenue streams and careful commercial controls, the business is well placed to see out the challenging environment which is likely to last until the end of 2024.”
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