John F Hunt Limited has reported strong financial results despite inflationary pressures adversely affecting several projects.
Turnover for the year ended 31 March 2024 was £89.2 million, up from £67.2 million the year prior, generating a pre-tax profit of £1.6 million (FY2023: £1.5 million).
“Tender levels remain strong with a number of major tenders being submitted in 2023/24, resulting in a number of significant contract awards,” a financial statement reads.
Adding: “The company has a significant amount of secured workload heading into 2024/25.”
The Essex-headquartered demolition contractor turned in an operating profit of £1.5 million, compared to £1.3 million in the previous year.
At the year end, John F Hunt’s balance sheet had net assets and total equity of £15.5 million, up from £14.3 million recorded the year before, with strong cash reserves of £8.8 million (FY2023: £10.8 million).
John F Hunt posted profit for the year of £1.5 million, down from £2.7 million recorded the year prior.
“A number of projects were either adversely affected by inflationary pressures or through general contracting risk,” a financial statement reads.
“Whilst the company continues to manage risks effectively through controlled management of contract and commercial risk, this has had an overall £2.5 million effect on the reported profit in the year.”
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