Yorkshire-based general contractor, Triton Construction, is on its way to recovery after difficult prior trading conditions, with increased profits and total equity.
Turnover for the year ended 31 March 2024 was nearly £51 million, down from the £62.1 million achieved in the previous financial period, but generating a pre-tax profit of £676,426 (FY2023: £118,759).
The Liversedge-headquartered construction firm reported an operating profit this year of £671,598, an increase from the £94,979 it saw in the prior financial year.
At the year end, Triton Construction’s balance sheet had net assets and total equity of £3 million, a marked increase on the £2.3 million recorded the year before, with cash reserves of £3.1 million, roughly in line with FY2023 (£3.2 million).
The business posted profit for the year of £713,403, following £194,114 achieved in the prior trading period.
“It is pleasing to report that the business has made good progress during the period on its way to recovery from the difficult trading conditions of the prior year,” said Triton.
“Schemes that have been secured during the period have performed well and delivered margins in line with performance recorded pre-Covid.
“This has allowed us to draw a line under a number of old projects and bad debt provisions against a client in liquidation, without which the results would have been well beyond expectations.”
Triton also started the financial year with a “record” order book and many “high-quality” opportunities in its pipeline including in the hospitality construction market as well as public sector frameworks.
No ordinary dividends were paid during the year; and the directors do not recommend payment of a final dividend.
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