Turnover at Northern Ireland-based contractor Gilbert-Ash rose for the fourth consecutive year in 2022, although inflation took a sizeable bite out of the company’s profits.
Revenue for the year ended 31 December was £263.2m, up 20% on the previous year’s £219.3m. Gilbert-Ash was ranked 71st in the CN100 2023 list of leading contractors, based on its 2021 turnover. Its latest figures would have seen the company rise to 64th.
On the other hand, pre-tax profit fell from £12.4m in 2021 to £4.5m in 2022. This delivered a pre-tax margin of just 1.7% in compared to 5.7% in 2021.
Cash on hand eroded by 5.7% in 2022, totaling £59.1m at the end of the year compared to £62.7m in 2021.
As of December 31, 2022, the company had 199 employees.
Total interim dividends of £3.78 million were paid, although the directors did not recommend the payment of a final dividend. In 2021, the company paid interim dividends worth £6.48m.
Company directors said they were “satisfied” with the company’s performance despite inflationary pressures that led to high energy costs and expensive materials.
They described “strong momentum” based on a “healthy portfolio” of various types of projects, adding: “With an additional focus on emerging markets and tender opportunities that remain strong, directors are poised for a further consolidation in 2023”.
However, the latest annual report acknowledged that increasing skilled labor shortages and long lead times for key material supplies are ongoing business risks, along with the impact of increase in inflation.
Ongoing work for Gilbert-Ash includes two hotels for Whitbread plc in London (valued at £120m by construction data intelligence firm Glenigan); a £45.4m high-rise residential project in Dublin; and the £28m redevelopment of Barnfield College in Luton (pictured).
The company also has a place on the City of London Corporation’s £500m major works framework.
