Bilfinger UK has posted a huge rise in revenue and healthy profits in its latest results.
Accounts for the Warrington-headquartered civil engineering company for the year ended 31 December 2022 show turnover of £400.6 million, compared to £186.3 million in the previous financial period.
Cost of sales increased from £166.8 million in FY2021 to £362.1 million in FY2022.
Gross profit for Bilfinger UK in the year was reported at £38.5 million, compared to £19.5 million in the previous year.
Operating profit was up from £4.4 million in FY2021 to £10.7 million in the year to 31 December 2022.
Profit before tax was reported at £8.4 million compared to £2.7 million – and profit for the year was £7 million (FY2021: £1.5 million).
Net assets and total equity were valued at £14.3 million (FY2021: £7.3 million).
To enable repayments to intercompany loans, no dividend was paid in the year (FY2021: £Nil).
Profile
Bilfinger UK is part of Bilfinger SE, a European multinational company specialised in civil and industrial construction, engineering and services, based in Mannheim, Germany.
At the start of 2022 Bilfinger UK purchased the assets of Bilfinger Salamis UK, making it one of the UK’s largest Tier 1 contractors operating in the oil and gas, food and beverage, chemical, utilities and pharmaceutical sectors.
Outlook
The company’s primary focus for the future is to continue expanding into the renewables market, including a joint venture with integrated EPC contractor Global E&C to create Torus BGP.
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