M&E specialist Integral UK suffers further losses

M&E specialist, Integral UK, has suffered further losses after profits were impacted by soaring costs on long-term contracts. 

While turnover for the year ended 31 December 2023 was £362.3 million, up 3 per cent from £351.6 million achieved in the previous financial period, the firm generated a pre-tax loss of £31.6 million (FY2022: £14.4 million loss).              

The London-headquartered building services business also reported an operating loss last year of £31.1 million, deeper than the £14 million loss recorded in the prior year.     

At the year end, Integral UK’s balance sheet had net liabilities of £2.5 million, compared to net assets of £28.6 million recorded the year before, with cash reserves of £163,000 (FY2022: £565,000). 

“Integral UK Limited has experienced a challenging but transitional year in 2023,” said its finance director.  

“Macro-economic and geo-political headwinds still exist, and while UK inflation has begun to moderate, prices remain elevated from a prolonged period of past inflation.” 

Adding: “From a cost perspective, price inflation experienced in the UK continued to affect the profitability of long-term facilities maintenance and construction contracts.”     

No interim dividend was paid during the year (FY2022: £Nil) and no final dividend is proposed (FY2022: £Nil). 

Integral UK posted a loss for the year of £31.2 million, compared to a £14.4 million loss the year prior.  

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