M&E specialist Cityside Electrical has reported ‘another successful year of growth’, with an expanded operation and record orders.
Turnover for the year ended 30 September 2023 was £170.3 million, up from £161.8 million in the previous financial period, generating a pre-tax profit of nearly £6 million (FY2022: £7.5 million) and a gross margin of more than 15 per cent.
The group had anticipated turnover of more than £200 million last year but several project delays pushed orders back into 2024.
Cityside therefore started the new year with its highest-ever secured order book of £385 million and is targeting turnover of more than £300 million this year as it continues to secure projects larger than ever before, including two worth £70 million each.
The London–headquartered business operates primarily within the fitout, data centre, life science, commercial office, and hotel and leisure sectors.
It also recently opened a new regional office in Cambridge to extend its reach outside London, and launched its European entity, Phoenix ME, registered in Ireland.
Cityside generated an operating profit last year of £5.7 million, down from £7.6 million in the prior financial year.
While net assets and total equity were valued at £36.4 million, up from £32.2 million in the year before, with cash reserves of £14.1 million, down from £25.6 million in FY2022.
Profit after tax for the year was £4.6 million (FY2022: £5.7 million).
“There has been a small downturn in profitability with net profit down to 4.3 per cent as the group invested in both delivery and back-office staff to support the anticipated growth for 2024 and 2025,” said Cityside.
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