Essex-based scaffolding, formwork and materials supplier Peri Limited has reported declines in turnover and profits for 2022, although the company was still able to widen its pre-tax margin.
In its annual financial results for the year ending 31 December 2022, the UK subsidiary of German group Peri SE reported a 7.6% drop in turnover from £67.2m to £62 .1 million pounds sterling.
Pre-tax profit fell by £170,000, or 3%, to £5.8m, although the profit margin grew from 8.9% to 9.4%. Peri closed 2022 with net current assets of £12.9m, compared to its year-end 2021 figure of £12.1m.
Last November, the firm was ranked 4th in the CN Specialist Index of leading scaffolding contractors.
In its latest annual report, the company’s directors attributed the worst financial performance in 2022 to a return to normality after “unusually high levels of plywood and timber sales in 2021”.
They added: “In addition to raw material [availability]the conflict in Ukraine also led to unprecedented increases in energy costs, further impacting our manufacturing and operating costs.”
That did not stop Peri from paying a dividend of £3.52m, although less than the £5m paid out after the 2021 results.
The company’s ongoing projects include scaffolding for what it describes as a “geometrically challenging” cladding scheme in East London (pictured). It has also supplied temporary structures for sporting events such as the BMW PGA Golf Tournament in Surrey in September 2022.
The company opened a new facility at its Brentwood headquarters in May 2022 to bring “long-term customer proximity and local employment.” Peri has also been transitioning to an all-electric fleet, with the latest annual report noting that only two fossil fuel trucks need to be replaced “in due course”.
The company added: “Accelerated by rising energy costs, we have also made plans to install a significant array of solar PV panels at our main sites. [such as three logistics depots] for long-term energy security and price control.”
