Construction and fit-out firm Gilbert-Ash has reported its highest turnover figures while profits dip, in its latest financial results.
The contractor responsible for the redevelopment of the National Portrait Gallery last year reported turnover for 2023 hitting £267 million, compared to £262.4 million in 2022.
However, the firm generated pre-tax profits of £1.5 million in 2023, down 64 per cent from £4.2 million in 2022.
Gilbert-Ash claims its 2023 profits are in line with expectations as “the construction industry continued to contend with significant external pressures, including unprecedented inflation which impacted input costs.”
In 2023, the contractor completed the National Portrait Gallery which was nominated for the 2024 Stirling Prize.
It also completed the £39 million hub by Premier Inn, Clerkenwell and the £21 million Ruby Zoe Hotel in Notting Hill, London.
Most recently, the company completed the £24 million construction of a new multi-purpose performing arts centre and 400-seater theatre at Brighton College, while two major residential schemes in England will handover before the end of the year.
In terms of new orders this year, Gilbert-Ash won the £31 million contract to construct St Paul’s New Junior School in West London and the £35 million contract to construct two new Sixth Form Girls Boarding Houses at Winchester College in Hampshire.
Looking ahead the company is in buoyant mood after the National Portrait Gallery in London received a Stirling Prize nod.
Gilbert-Ash managing director Ray Hutchinson said: “We are very proud of the many significant projects completed and new work secured for this year and the coming years.
“Despite the challenging conditions our people have shown remarkable resilience and have consistently delivered outstanding projects for our clients, something which is evidenced by the National Portrait Gallery’s Stirling Prize nomination.”
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