Eric Wright posts strongest financial results in a decade

Eric Wright Construction recently celebrated its strongest financial results in more than a decade.  

Turnover for the year ended 31 December 2023 was £88.6 million, ahead of the £59.8 million achieved in the previous financial period, generating a pre-tax profit of more than £2.3 million (FY2022: £828,133).         

“The business continued to focus on delivering secured work effectively rather than increase turnover with sub-optimum margins in a more stable, yet challenging environment, opting only to secure work when a positive margin was possible,” the company said. 

“This decision, combined with strong commercial and operational control, no loss-making contracts, active overhead management and a motivated and committed workforce, resulted in our strongest financial result for eleven years.” 

It added: “The business continued to develop long-standing relationships with works progressing on a number of projects for Torus, Muse Places, Lancashire County Council, and Preston City Council and with new clients including Great Places and Seashell Trust.” 

Several projects were secured in the year including work at Lightbody Street, Preston Animate, Seashell Trust, Farington Woodcock Estate and Laystall Street, all of which contributed positively to the year. 

The Preston-headquartered business reported an operating profit last year of £2.2 million, a major increase from the £818,552 it saw in the prior financial year.           

At the year end, Eric Wright’s balance sheet had net assets and total equity of £4.2 million, a major leap from the £1.9 million recorded the year before, with healthy cash reserves too of £13.3 million (FY2022: 7.5 million).  

The business posted profit for the year of nearly £2.3 million, following £779,226 posted in the prior trading period. 

“The business commenced the year in an extremely positive position, with a significant percentage of target turnover secured and named prospects identified, which would contribute the remainder of the overall business plan targets,” the company said. 

Was this interesting? Try: Fears insolvency will keep soaring after ISG collapse 

If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk