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UpgradeWe present our trading results (audited) for the year ending October 2023. These results are a substantial improvement on the previous year. Performance in the first halfof 2024 confirms our positive trajectory which is expected to continue for the remainder of this year, and into 2025.
We are being more selected about new projects, so while there will be a reduction in turnover in the current trading period, this workload represents a significant reduction in risk which will improve our future trading results.
We have a healthy balance sheet and pipeline of opportunities and therefore remain confident and optimistic about the future.
At £219m, turnover for the year is in line with previous expectations. With tighter control over project selection, sales of £175m are forecast for the current year.
Margins are up on last year as we exit from the impact of hyper-inflation. Margins on recent contract awards will ensure profitability returns to historical levels.
The loss for the year is a significant reduction to the loss reported in the previous financial year, and the upward trajectory is expected to continue in the current year.
The Group’s balance sheet remains strong and reinforces the Group’s ability to manage in difficult trading conditions.
Whilst the order book, measured at 31 October 2023, is down on last year, this reflects our focus on de-risking future workloads. There isa healthy pipeline of future opportunities.