Erith Contractors has delivered a robust set of financial results with increased revenue and profits.
Turnover for the year ended 30 September 2024 increased 13.8 per cent to £243.1 million from £213.7 million the year prior, generating a pre-tax profit of £9 million, up from £6 million in FY2023.
While its gross profit margin rose to 8.9 per cent from 7.9 per cent, when including an R&D tax credit adjustment.
“The results for the year are in line with forecasted results,” said Erith. “The market remains highly competitive coupled with a challenging economic climate.”
The Erith Group of companies specialises in a range of civil engineering activities including asbestos removal, demolition, land remediation and groundworks, haulage, landfill, waste handling and multi-utility connections.
At the year end, the family-run business had improved net assets and total equity of £23.6 million, up from £18.2 million the year before, with increased cash reserves too of £27 million.
The Kent-headquartered employee-owned trust turned in an operating profit of £8.3 million, up from £5.2 million recorded the year before.
Interim dividends of £1.5 million were paid during the year (FY2023: £2.5 million), however there was no final dividend.
Profit for the year was £6.8 million, an increase on the £4.7 million the year prior.
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