O’Shea Group has reported a “strong balance sheet” in its latest results amid a challenging trading environment.
Turnover for the Mill Hill contractor for the year ended 31 March 2023 was £133.4 million, down from £167 million in FY2022.
Gross profit was reported at £9.4 million, compared to £24.2 million in the prior financial period.
The group’s operating profit was down from £24.7 million in FY2022 to £22.2 million in FY2023.
Profit before tax was £24 million, down slightly too on the previous year (£24.9 million).
Group profit for the year was reported at £22.5 million (FY2022: £21.5 million).
O’Shea’s cash position was £63 million, compared to £59.5 million in the prior period.
Net assets were valued at £164.7 million (FY2022: £150.2 million).
Interim dividends of £8 million were paid during the year, in line with FY2022.
However, directors did not recommend payment of a final dividend.
A company statement reads: “The current uncertainty in the UK economy about inflation, increase in interest rates and the resolution of labour shortages and material costs are likely to impact the performance of the business in the current year ending 31 March 2024.”
Adding: “However, the directors believe that the group’s resilience and its strong balance sheet will enable it to maintain its position within the market it operates in.”
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