Keltbray has reported a “strong” operational and “record” financial performance in its latest results.
Turnover for the year ended 31 October 2023 was £689 million, a 30 per cent increase on the previous financial period, but generating a pre-tax loss of £1.2 million.
Keltbray said its revenue result was due to it securing high-quality contracts, despite tighter governance in opportunity selection and project delivery.
Gross profit increased by 25 per cent to £72.5 million, while operating profit decreased slightly to £4.9 million.
The group’s cash headroom position was maintained at £38.9 million comprising cash balances and unused bank facilities, providing the business “room for growth”.
The contractor also saw a 120 per cent increase in its secured order book value, to £1.1 billion at the year end, with 75 per cent of work secured for FY2024 by the same date.
This was the result of de-risking the order book and targeting projects with acceptable terms, conditions and margins compatible with its self-delivery approach.
Group chief executive, Darren James, said: “I am pleased with the group’s performance, particularly in key infrastructure markets such as energy transition and decarbonised transport, where secured work now exceeds £1 billion.
“Our high-quality order book provides visibility and security of future workloads, keeping our projects safely on track and enabling us to deliver a record set of results.
“Our two division, one business structure, addresses a broad range of large and expanding UK end markets, all of which are adapting to key structural drivers such as social and political change, carbon neutrality, energy transition and supply chain challenges to name but a few.
“This plays to Keltbray’s strength and will bring further opportunities for the group.”
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