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