Inflation bites into Gilbert-Ash profits


Gilbert-Ash has reported a rise in revenue in its latest results – but inflationary pressures impacted company profits.  

Credit: Gilbert-Ash.

Accounts for the Belfast-headquartered business for the year ended 31 December 2022 show turnover increased to £262.4 million, compared to £219.2 million in FY2021. 

Cost of sales rose to nearly £248 million from £198 million in the previous financial period.  

Gross profit fell from £21.2 million in FY2021 to £14.5 million in FY2022, and the business’ operating profit was also down to £4.1 million compared to £11.9 million the prior year. 

Pre-tax profit, too, was down from nearly £12 million in 2021 to £4.2 million in 2022, with profit for the year reported at £4.6 million compared to £9.6 million in FY2021. 

Cash was reported at £58.1 million (FY2021: £61.8 million). 

Interim dividends were paid during the year of £180,000 at 44 pence per share, in line with the previous financial period, and £3.6 million at £8.83 per share (FY2021: £6.3 million at £15.45 POS). Directors did not recommend payment of a final dividend.  

Net assets and shareholder funds were stable, valued at £28 million compared to £27.1 million in FY2021.  

“Gilbert-Ash remains vigilant for economic headwinds and, as anticipated, global issues along with inflationary pressures have impacted energy costs and prices for materials,” the company said at the time.  

Enjoyed this? Try Brickability trading update – amid Topek acquisition 

Get industry news in 5 minutes!

A daily email that makes industry news enjoyable. It’s completely free.