Tilbury Douglas has published its accounts for FY2022 – which were affected by anticipated restructuring costs the derecognition of a pension scheme.
Group revenue in FY2022 was reported at £392 million, compared to £446.9 million in the previous financial year.
The underlying operating profit was down from £9.8 million in FY2021 to £3.8 million.
The company also exited Interserve Group in 2022 and the new Tilbury Douglas Group is now headed up by TD Bidco Limited – however that transition initially dented trading performance in the first half.
And when taken with a third-party buy-out of the company’s pension scheme in October 2022, the exit from Interserve saw Tilbury record a pre-tax loss of £96.3 million compared to a profit of £8.3 million in 2021, which it said was anticipated.
Restructuring costs and the pension scheme also resulted in an operating loss from non-underlying items of £101.3 million, compared to £5.9 million in the previous financial year.
Confidence returned by year-end however and the Group had secured an order book of more than £1 billion (FY2021: £698 million).
£560.7 million of new work was also won in 2022 compared to £398.1 million in 2021, and £296.3 million was converted from “preferred contractor” to secured status.
The company had no need to draw from its £20 million revolving credit facility. And had net liabilities of £80.1 million (FY2021: £9.9 million in net assets).
“Tilbury Douglas Construction has now returned to be a strongly trading main contractor with a significant and growing order book, as the underlying trading results show,” said the Group.
Adding: “We entered 2023 with £516.7 million (2021: 419.7 million) of the year’s workload either secured or having preferred contractor status.”
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