Family-owned building contractor Hobson & Porter has reported stable turnover and equity value in its latest results.
Accounts for the Hull building firm for the year ended 31 March 2023 also saw a strong forward order book and stable year-end profit, alongside however a diminished cash position on the previous financial year.
The company has been operating across Yorkshire and Lincolnshire for more than 50 years in the commercial and retail, healthcare, education, industrial, residential and regeneration sectors.
“The business has experienced a significant number of its prospects going through a prolonged period of post-tender value engineering and optioneering to bring projects in line with clients’ expectations and affordability,” said the business.
“In turn, this has delayed project commencement dates by up to twelve months in some cases. This not only impacts revenue and cash flow at short notice, but it also inflates overhead expenditure whilst human resources are pending or redistributed to other projects.”
Highlights
- Turnover: £48 million (FY2022: £45.7 million)
- Gross profit: £4.4 million (FY2022: £4.3 million)
- Operating profit: £1,746 (FY2022: £85,361)
- Profit before tax: £31,836 (FY2022: £86,316)
- Profit for the year: £247,588 (FY2022: £286,942)
Cash (at the bank and in hand) was reported at £2.2 million, compared to £4.1 million in the previous financial year.
Net assets and shareholder funds were valued at £5.1 million (FY2022: £5 million).
The business had a strong forward order book of more than £42 million.
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