Torsion Construction has more than doubled its revenue and maintained a strong cash position following a period of healthy project values.
Turnover for the year ended 30 June 2024 rose to £117.2 million from £56.9 million the year prior, generating a pre-tax profit of £403,571, compared to £115,696 in FY2023.
In 2023, Torsion underwent a restructure as part of a plan to increase turnover to more than £200 million within three years.
Ed Wootton was appointed managing director and two distinct regions were formed covering the Midlands and the North.
During the period, the average project contract size increased from £15 million to £40 million, which was the underlying reason for the significant rise in turnover.
“The year has been characterised by significant turnover growth and continued stabilised profits,” a financial statement reads.
Torsion turned in an improved operating profit of £619,052, up from £384,720 in the previous year.
At the year end, its balance sheet had net assets and total equity of £2.7 million, compared to £2.1 million the year before, with healthy cash reserves of £5.5 million (FY2023: £2.8 million).
The Leeds-headquartered construction business posted profit for the year of £567,986, compared to £430,012 recorded the year prior.
Torsion directors did not recommend payment of a final dividend.
The privately-owned firm offers design and build services in England, but mainly in the Midlands, Lancashire, Yorkshire and the North East.
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