GF Tomlinson has tipped back into profit in its latest results.
Turnover for the year ended 30 June 2023 fell to £66.1 million, from nearly £81 million in the previous financial period, with a gross profit reported at £9.4 million (FY2022: £7.1 million).
The Derbyshire-headquartered contractor reported an operating loss for the period of £71,494, compared to a £3.5 million loss in the prior year.
GF Tomlinson reported a pre-tax profit of £238,192, following a £2.6 million loss in FY2022.
Profit for the year was £255,756 (FY2022: £2.6 million loss).
Net assets for the group were valued at £9.8 million, compared to £9.6 million in the prior year.
The group said: “At the start of the financial year the construction industry continued to be affected by the issues in Ukraine. This had the effect of increasing the prices of materials and had a large impact on our tender prices which then led to projects being overbudget.
“This resulted in clients either having to ask for value engineering to reduce the tender sum or having to seek further funding. These led to contract awards and contract start dates being delayed.”
Adding: “In addition, clients continue to have their staff working from home and this considerably extended the tender decision process, again leading to contract start dates being delayed.
“This resulted in the company’s turnover being less than 50 per cent of what we would normally expect.
“As the business focuses on works for the public sector, we were affected by the delays in the clients awaiting additional funding for projects.”
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