M&J Evans Group has reported a series of losses in its latest financial results, following a challenging trading period.
Turnover for the year ended 31 December 2023 was nearly £2 million, a major decline from the £36.6 million achieved in the previous financial period, generating a pre-tax loss of £17.2 million (FY2022: £16.6 million profit).
The Aldridge-headquartered groundworks and civils specialist also reported an operating loss last year of £239,502, a significant decrease when compared to the £32.8 million profit it saw in the prior financial year.
M&J Evans said it faced several financial risks during the period due to inflationary pressure on materials and fuel, uncertainty in the UK housing market as well as health and safety and environmental risks inherent to the business itself.
Net assets and total equity fell to £4.1 million, down from the £18.2 million achieved the year before, with cash reserves of just £3,786, down from £801,451 in FY2022.
During the year the directors declared and paid dividends of £Nil (13 months ended 2022 also £Nil).
The group posted a loss for the year of £14 million, following a £16.7 million profit in the prior trading period.
M&J Evans Group is a holding company for M&J Evans Construction, M&J Evans Plant, Flynn Group, Flynn Limited, Flynn Corporate, and Bristlewand.
Was this interesting? Try Winvic secures landmark 100m sqft industrial space
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.
