Northern Ireland contractor Heron Bros has turned in a strong set of financial results, with increased revenue, profits and total equity.
Turnover for the year ended 31 August 2023 was £154.5 million, up significantly from the £114.1 million achieved in the previous financial period, generating a pre-tax profit of £11.6 million (FY2022: £10.9 million).
The Draperstown-headquartered construction firm reported an operating profit last year of £8.8 million, an increase from the £6 million it saw in the prior financial year.
At the year end, Heron Bros’ balance sheet had net assets and total equity of £127.2 million, a marked increase on the £118 million recorded the year before, with cash reserves of £29.8 million, compared to £30.8 million in FY2022.
The group posted profit for the year of £11.4 million, following £11.2 million achieved in the prior trading period.
“We are expanding the existing construction and renewables sectors within which we operate and strengthening alliances with long-standing customers,” said Heron.
“We continue the pursuit of niche markets, residential developments, strategic joint ventures, and developments in conjunction with the company’s Property Division to expand its current development model of site identification, design and build, sale, or leasing of developments to both the private and public sector clients.”
Heron Bros’ main activities are construction, joinery manufacturing, building suppliers, quarrying, property investment, property development and renewable energy.
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