Gratte Brothers Group has turned in a solid performance in its latest financial results.
Turnover for the London-headquartered building services company for the year ended 31 March 2023 was £250.1 million (FY2022: £124.6 million) – the majority of which was made through its M&E division.
This was also primarily due to the phasing of projects underway in the prior year and successes in the technology sector.
Operating profit was reported at £1.9 million, compared to £1.5 million in the prior financial period. However, the group also wrote in its latest financial report: “The group operating profit margin of 0.8 per cent (FY2022: 1.2 per cent) reflects the challenging nature of the industry.”
Profit before tax was £1.9 million (FY2022: £1.5 million), while profit for the year was £2 million (FY2022: £3 million).
The group’s cash position was reported at £37.8 million, compared to £26.3 million in the prior period.
A dividend of £100,000 was paid during the year, in line with FY2022.
Net assets were valued at £18.9 million (FY2022: £17 million).
The family-owned company was first launched in 1946.
“The group has exceeded expectations with revenue growth in 2022/23 despite unique challenges during the year from industry-reaching material supply and skills shortages to inflationary pressures,” said the group.
“Focus on securing work in the growing technology sector remains, and as a result of its renowned reputation for project quality and delivery the business has continued to secure a large proportion of works with repeat clients, whilst also securing key relationships with new clients throughout the year.”
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