Andrew Scott Limited has reported increased revenue and profits in its latest financial statement.
Turnover for the Port Talbot-headquartered company for the year ended 30 June 2023 increased 39 per cent on the previous financial year (FY2022: £52.4 million) to nearly £73 million.
Gross profit also rose 39 per cent to £6.3 million, compared to £4.5 million the prior year.
The gross profit margin stayed the same for the Welsh contractor at 8.7 per cent, above average industry levels.
Operating profit was reported at £1.6 million, compared to £1.1 million in FY2022.
Profit before tax increased 42 per cent to £1.6 million (FY2022: £1.1 million) – and profit for the year was £1.5 million (FY2022: £958,423).
Secured order book value at year-end was £130 million, which the contractor said should result in turnover of around £85 million for FY2023/24.
Cash at the bank at the end of the financial year was £9.7 million, compared to £4.5 million the prior year.
Net assets and shareholder funds were valued at £7.3 million (FY2022: £6 million).
Dividends totalling £260,000 were paid during the financial year.
Andrew Scott is a family-owned construction and civil engineering company established in 1870.
“To de-risk our supply chain disruptions, we have increasingly looked to strengthen our local supply chains in Wales, creating stronger local economic prosperity resulting in local deliveries and smaller carbon footprint,” said the contractor.
Adding: “The company’s strategy is very much focused on its core strengths and will continue to target negotiated work, two-stage tenders and ECI projects. Success on major frameworks is providing excellent opportunities and we remain focused on projects in niche sectors such as manufacturing, education and health.”
Was this interesting? Try Van Elle spots new opportunities after acquisition
If you have a tip or story idea that fits with our publication, please contact the head of editorial firstname.lastname@example.org
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.