Oliver Connell & Son Limited has reported “unprecedented” growth in its latest financial results.
The South Greenford groundworks and concrete frame contractor posted turnover of £142 million for the year ended 30 June 2023, a 22 per cent increase on the previous financial period (£116.7 million).
Gross profit was £16.1 million (FY2022: £7.6 million) and EBITDA was £12.9 million (FY2022: £4.9 million).
Profit before tax was up 253 per cent to £10.6 million, compared to £3 million in the previous financial year.
The 50-year family-run business also reported a cash position of £17.5 million (FY2022: £13.5 million).
Net assets were valued 26 per cent higher than in FY2022 (£17.8 million) at £22.4 million.
“In the financial year the company has reported unprecedented growth in turnover, profit and cash reserves,” said the company. “This excellent performance is the result of several factors, including a more strategic and targeted approach to projects tendered, a highly motivated workforce delivering our projects in a safe and efficient manner, a senior management team now in place bringing a wealth of industry knowledge and a fully supportive supply chain.”
Was this interesting? Try Tax breaks, VAT checks and planning reforms – what construction firms can look forward to in 2024
If you have a tip or story idea that fits with our publication, please contact the head of editorial rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.
