Offsite specialist Tide Construction awarded a handsome dividend payout during its last financial year, after directors were pleased with revenue growth.
Turnover for the year ended 31 August 2023 was £197.2 million, up from £177.5 million in the previous financial period, generating a pre-tax profit of £7.1 million (FY2022: £11.1 million).
Tide also declared an operating profit of £6.7 million, down from £10.5 million in the prior year.
It said tried-and-tested project management work helped to reduce the overall impact of price inflation in its core business.
At the year end, the company’s net assets were valued at £57.4 million (FY2022: £74.6 million) having paid out a dividend of £23 million during the period, with cash levels at £10.4 million, up from £9.8 million the year before.
Profit for the year at 31 August 2023 was £5.7 million (FY2022: £9.7 million).
“The directors are pleased with the revenue growth,” said Tide. “Continuing price inflation in materials and subcontractor costs reduced margins in our contracting operations but, as in 2022, project management work helped to reduce the overall impact of price inflation in our core business.
“The directors remain focused on strengthening the business by embracing the revolution taking place in offsite construction in addition to the development of modular technology.”
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