Barhale has reported a boost in revenue and profits in its latest results.
Accounts for the West Midlands construction engineering company for the year ended 30 June 2023 show turnover increased by 22.3% to £124.9 million, compared to £102 million in FY2022, and EBITDA of £4.6 million (FY2022: £3.4 million). This was due to long-term water framework contracts coming in.
The company also reported an operating profit of £4.5 million, up on the £3.3 million it delivered in the previous year.
Gross profit for Barhale for the year was £12.1 million compared to £11.3 million in FY2022, with a margin of 9.7% (FY2022: 11.1%).
Pre-tax profit was up from £3.3 million in the previous financial period to £4.5 million, in line with its 4% target set out in the company’s Strategic Plan.
Profit for the year was reported at £3.3 million (FY2022: £2.3 million).
The business had net cash of £3.6 million, down from the £4.2 million it recorded in the previous financial period.
Net assets for the company were valued at £6.8 million, compared to £3.4 million in FY2022.
At the time of reporting, Barhale’s order book was valued at £886 million.
No dividends were paid in the year (FY2022: £Nil).
“By continuing to adhere to our strategy of focussing on our core capabilities and working collaboratively with our long-term clients, we were able to deliver a profit in line with expectations and in line with our Strategic Plan,” said Barhale.
“This was achieved despite a challenging economic background of rising construction costs and an overheated labour market.”
Adding: “Safety is our number one priority and the interface between our people and our plant is seen as a key risk area. In support of this we invested £250,000 in Human Form Recognition (HFR) technology.”
Enjoyed this? Try HS2 invoices reveal total paid to suppliers for cancelled Phase 2
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.