Renaker has reported increased revenue and healthy profits and total equity in its latest financial results, despite in-year inflationary pressures.

Turnover for the year ended 31 October 2023 was £229.1 million, up from the £176.6 million achieved in the previous financial period, generating a pre-tax profit of £4.9 million (FY2022: £5.9 million).
“The increase in turnover has not generated a proportionate increase in net profit due to a reduction in year-on-year gross margin, partially due to […] inflationary pressures,” said Renaker.
Adding: “Turnover in the year largely relates to ongoing contract delivery at Cortland Tower and Bankside at Colliers Yard, The Blade and Circle at New Jackson and T1 & T2 at Union Living.”
The Manchester-headquartered contractor developer generated an operating profit last year of £4.8 million, down on the prior financial year (£5.9 million), and a gross profit margin of 6.4 per cent (FY2022: 7.4 per cent).
Net assets and total equity at 31 October 2023 were valued at £32.1 million, an improvement on the £28.3 million achieved the year before, with relatively stable cash reserves too of £15 million, compared to £16.6 million in FY2022.
The company did not recommend payment of a final dividend (FY2022: £ Nil).
In the year staff headcount grew to 365 including 33 new trainees and apprentices.
Renaker posted profit for the year of £3.7 million, compared to £4.7 million in the prior trading period.
Renaker said: “2023 has seen another successful year for the business, where our large-scale projects continue to move forward and we continue to work closely with our development clients and associated subcontractors, suppliers and professional teams to deliver projects on time and within budget.
“Future developments which stretch beyond the current year will see the delivery of 2,343 new homes, 762 co-living studios and a new city centre primary school.”
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