Lee Marley Brickwork suffered a series of losses in its latest results amid record revenue.
Accounts for the year ended 31 December 2022 saw the Berkshire-headquartered business record its highest ever turnover of £65.6 million, compared to £56.9 million in FY2021.
The Group’s forward order book also had a value of £81 million, compared to £60.4 million in the previous year.
Gross margin and EBITDA, however, were impacted by material and wage inflation, and underperforming contracts in its Scottish and Midlands businesses, resulting in an operating loss of £1.7 million (FY2021: £1.3 million profit).
The business also saw a £1.9 million loss on income for the year (FY2021: £937,587 profit) – and retained earnings dropped from £6.5 million in FY2021 to £4 million in FY2022.
Its cash position was reported at £342,452, compared to £658,928 in the previous financial period.
Net assets and shareholder funds were valued at nearly £6 million (FY2021: £8.3 million).
Lee Marley’s closing net debt position rose from £7 million in 2021 to £8.2 million in 2022 due to the Group’s operating loss.
The company was established in 1997 and is understood to be one of the UK’s largest masonry and scaffolding businesses, operating from offices in London, Reading and Glasgow.
It specialises in large-scale, high-rise and complex projects with a focus on mixed-use development, social housing and institutional Build-to-Rent (BTR).
“Trading into 2023 has been strong as we continue to grow our revenues whilst we manage out our positions on fixed-price legacy projects and realign pricing on new projects to reflect the impacts of inflation,” the Group said at the time. “The impact of price re-negotiation and mitigation will be reflected in margins delivered in 2023. We have seen an improved performance in our Scotland division but closed our Leeds office in 2022.”
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