Geotechnical and ground engineering business Bachy Soletanche (Europe) has nearly doubled its revenue due to works on two major infrastructure projects.
Turnover for the year ended 31 December 2022 increased 90.5 per cent from £116.3 million in FY2021 to £221.6 million, mainly due to two big contracts on HS2.
This also resulted in a £3.9 million increase in operating profit (FY2022: £8.2 million; FY2021: £4.3 million), bolstered by increased activity on the Thames Tideway project.
Profit before tax was £8 million (FY2021: £4.2 million), while profit for the year was £6.8 million (FY2021: £3.6 million).
The group’s cash position was reported at £34.1 million, compared to nearly £16 million in the prior financial period.
Net assets and shareholder funds increased by £6.9 million to £22.6 million (FY2021: £15.7 million).
Group directors did not recommend a dividend (FY2021: £100,000).
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