Kent-based construction firm, RG Group, is eyeing future growth after reporting further progress in its recovery to pre-pandemic trading levels.
While turnover for the year ended 31 December 2023 was £198 million, a decrease from the £223.4 million achieved in the previous financial period, the business generated a pre-tax profit of £1.9 million (FY2022: £1.2 million).
“We are pleased to report that following the prolonged period of trading uncertainty caused by the coronavirus pandemic, the year saw a stability in the recovery to pre-pandemic trading levels and provided a firm growth platform for the future,” said the business.
Adding: “Inflationary pressures continued throughout the period, but procurement strategies adopted over the past two years had served to insulate the company from the worst of inflationary increases in costs.”
The construction specialist group, headquartered in West Malling, reported a surge in operating profit last year, to £1.7 million, well ahead of the £247,184 recorded in the prior financial period.
At the year end, RG Group’s balance sheet had net assets worth £11.5 million, slightly behind the £15.8 million recorded the year before, with healthy cash reserves too of £3.7 million (FY2022: £10.1 million).
During the year, dividends of £5.4 million were paid, compared with £Nil in the previous trading period.
The business posted profit for the year of £1.1 million, compared to the £2.2 million it delivered the year prior.
Was this interesting? Try: Clancy reports record turnover of £378m
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.
