Derbyshire-headquartered Bowmer & Kirkland has reported a “decent financial performance” in its latest results, as the construction engineering company celebrates its centenary year.
Turnover for the year ended 31 August 2023 was £1.24 billion, up from £1.15 billion in the previous financial period, generating a pre-tax profit of £53.3 million, down from £63.1 million in FY2022.
Operating profit fell from nearly £47 million in the previous year to £24.2 million in FY2023.
Net assets grew to £591.8 million, compared to £573.6 million in the prior year, with the acquisition of Coventry-based MMC firm Innovaré Offsite Limited.
The company’s cash balance fell from £501.1 million in FY2022, to £458.8 million in the year to 31 August 2023.
An interim dividend of £6.7 million was declared at year end (FY2022: £10.1 million); the prior year interim dividend of £10.1 million was paid during the year (FY2022: £8 million).
Profit for the year was reported at £40.7 million (FY2022: £52 million).
As well as a head office in Belper, Derbyshire, the business has offices in Sunderland, Manchester, Motherwell, Reading, Birmingham, Bristol, and Cambourne.
“Despite challenging conditions in the wider construction market, I am pleased to report that, in the year ended August 2023, the Bowmer and Kirkland Group achieved a decent financial performance,” said Jack Kirkland, chairman.
Was this interesting? Try London Olympic Park site to become major construction hub
If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.