Hertfordshire-based firm, JRL Group, has reported another year of loss despite improved turnover, in its latest financial results.

Turnover for the year ended 31 December 2023 was £826,000 up eight per cent from 2022 with £718,446.
The firm reported a loss of £36 million before tax in 2023, adding to a loss of £47 million pre-tax loss in 2022.
Its increased turnover in 2023 was primarily driven by the strong performance of Midgard Limited, the Group’s main contracting division with revenue of £612.4 million and a pre-tax loss of £10.0 million.
In a statement from JRL chairman John Reddington admitted 2023 had been one of the most challenging periods in the 27 years of the business.
The company claimed rising raw material and labour costs on fixed-price contracts, along with several underperforming contracts, led to notable increases in the estimated total costs required to complete these projects.
A business review by the group revealed that many of the underlying issues behind cost increases were already present at the previous financial reporting date, with the Group having to restate its 2022 financial results.
However, the group has reported a marked improvement in performance during the first half of 2024, with a return to profit exceeding expectations, and securing a strong order book.
Chariman John Reddington said: “This has been one of the most challenging periods in our 26 years of business.
“Notwithstanding, it has also been a record year for revenue and project completions.
“The construction industry faced significant disruptions due to economic instability, material shortages, record inflation, and unexpected project delays.
“These factors combined to create a difficult environment for our business, impacting our financial performance and delaying some key projects.
“Despite these hurdles, our team demonstrated resilience and adaptability, ensuring that we continued to deliver high quality product.
“Looking ahead, we are encouraged by the positive results of the measures we implemented in response to these challenges.
“Our project pipeline is robust, with several major contracts that were previously delayed now coming to fruition. We anticipate a more stable economic environment, which will alleviate some of the pressures we experienced in 2023. We are consistently training our team of skilled professionals to further enhance and expand our in-house capabilities.
“While 2022 and 2023 presented numerous challenges, it was also a period of transformation and resilience for our company.
“I am confident that the steps we have taken will position us for continued growth and success.”
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