Buckinghamshire-based family contractor TSL has reported a fall in turnover and profits.
The company, which specializes in the food, pharmaceuticals, logistics and data center sectors, saw turnover fall slightly from £565m to £552m in the year ending 31 December 2022.
Its pre-tax profit also fell, from £11.6m to £9.7m, with profit margin falling from 2 to 1.8 per cent. The company’s cash balance, however, rose slightly from £38m in 2021 to £39.8m in 2022.
Its accounts referred to “numerous economic and industry challenges”, including inflation, high interest rates and the war in Ukraine, and noted that turnover had fallen due to project delays.
TSL delivered 21 major logistics projects, representing 67% of annual turnover, during 2022, including the completion of a 111,000 sq m regional distribution center for Lidl in Luton, the largest facility ever built for the supermarket.
The company is based in Gerrards Cross, Buckinghamshire, but has regional offices in Newcastle and Cheshire, as well as offices in Ireland, Germany, the Netherlands, Spain, Poland and the USA.
The company said it had “secured a strong project portfolio for 2023”, adding that it is growing its teams in Würzburg and Frankfurt and plans to open an office in Berlin this year.
While UK turnover fell to £455m from £544m in 2022, turnover in Europe rose to £96.8m from £21.2m.
The company started 21 years ago as a family business and had an average of 217 employees in 2022, up from 202 in 2021.
TSL has been contacted for comment.
