Colas Limited has continued to implement a business transformation programme as part of its strategic growth plans, which includes moving away from regional based business units to focus on existing markets.
“We have experienced a number of changes over the last couple of years, both in the external market and internally,” a financial statement reads.
“Our strategy has successfully delivered positive results in Asset and Maintenance Solutions […] and there are exciting prospects for growth in Products and Surfacing Solutions.
“Alongside this, we see our sister company, Continental Bitumen UK, strengthening our UK offer.”
It added: “Following an in-depth review of the Construction Solutions business and the external market, we have taken the decision to move away from regional based business units.
“The future strategy will focus on aligning requirements with our existing markets and delivery of low carbon innovative highways services.”
The Birmingham-headquartered business posted turnover for the year ended 31 December 2023 of £267.6 million, up from £244.2 million the year prior, generating a pre-tax loss of £15.3 million (FY2022: £2.2 million loss).
Colas also turned in an operating loss of £13.9 million, deepening the £4 million loss in the previous year.
At the year end, Colas’ balance sheet had net assets and total equity of £22.2 million, down from £38.1 million recorded the year before, with cash reserves of £5.7 million (FY2022: £9.1 million).
The company posted a £13.3 million loss for the year, following a £1.2 million loss recorded the year prior.
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