Errigal Contracts increased its revenue by 11 per cent, with profits rising and cash flow quadrupling in its latest financial results.
A member of the Northern Ireland-headquartered Errigal Group, the company reported £132.5 million in revenue for the year ended 31 December 2024 (FY2023: £119.3 million) .
Focusing on interior fit-out and drywall systems, the company’s revenue was boosted by a 27.3 per cent increase in UK contracts, which contributed £83.9 million to the total, while European contracts fell by 8.9 per cent to £48.6 million.
Profits increased with operating profit rising to £9.9 million (FY2023: £7.8 million) and pre-tax profit reaching £8.2 million (FY2023: £7.9 million).
Net assets grew by 12.1 per cent to £50.7 million (FY2023: £45.2 million), as cash reserves surging nearly fourfold to £11 million from £2.7 million in 2023.
Recent projects the firm has worked on include the £1 billion AstraZeneca HQ in Cambridge, where it provided a comprehensive interior package, including drylining and partitions for contractor Mace.
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Looking ahead, the company remains focused on securing sustainable turnover and cash flow.
“The group’s directors are satisfied with the group’s performance in the year and the emphasis going forward continues to be on securing turnover that will result in sustainable profitability and cash flow,” said bosses.
Errigal Façades, a sister company specialising in building envelopes, saw a 98 per cent revenue surge in its latest results to £34 million from £17.1 million in 2023.
The facades company benefited from strong construction contracts, with pre-tax profit and operating profit both reaching nearly £5 million.
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