Structural steelwork specialist Taziker has filed its latest financial results following a business restructure.
Turnover for the year ended 31 March 2023 increased to £87 million from £73.4 million in the prior financial period.
Gross profit fell sharply to £9.8 million, compared to £14.1 million in FY2022.
Inflationary cost pressures, supply chain disruption, project delays, industrial action, and the lingering effect of the pandemic had a significant impact, said Taziker .
“Further to these pressures, the diversification into new markets and focus on revenue growth, has had a negative impact on the business margin percentage due to a number of loss-making contracts,” said the company.
However, a company restructure in October 2023 and sale of a holding company had “significantly deleveraged” the group and released certain debts, it added.
The Chorley-headquartered civil engineering firm reported an operating loss for the year to 31 March 2023 of £2.8 million (FY2022: £3.8 million profit).
Taziker generated a pre-tax loss of £1.2 million (FY2022: £5.1 million profit) and loss for the year of £1.3 million (FY2022: £4.8 million profit).
The group’s cash position was up significantly to nearly £6 million.
Net assets held relatively steady, valued at £16.5 million (FY2022: £17.8 million).
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