Global specialist contractor, TSL, has reported significant increases in turnover and profits following a group restructuring last year.
In 2024, the group saw its revenue increase by 59 per cent, to £940 million, from £593 million in FY2023, with profit after tax for the year up by 98 per cent, to £31.1 million, (FY2023: £15.7 million).
Bosses said the company’s growth last year had been driven by growing relationships with existing clients and new partnerships developing across its international markets.
During the period, TSL’s gross margin rose to 7.1 per cent, compared to 5.8 per cent the year prior, and the group ended the 2024 financial period with strong cash reserves of £132.5 million (FY2023: £69 million), having generated £64 million in cash last year, up from £15 million in 2023.
Group CEO, Jackie Wild, said: “We’re pleased with our performance in 2024, which reflects strong commercial and financial management across our projects.
“Our growth has been underpinned by the trust of longstanding client partnerships and our ability to deliver complex projects internationally.
“With a significant pipeline of work confirmed for 2025, we remain focused on delivering technical construction and engineering excellence for our clients whilst investing back into our teams and capabilities.”
TSL completed a group restructuring last year, with all businesses and assets in the UK and overseas now consolidated under Tonroe Group.
TSL primarily specialises in data centres, and industrial & logistics works.
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