Tuesday, November 21, 2023
HomeConstructionRevenue up at Byrne regardless of £1.9m Ilke Houses write-off

Revenue up at Byrne regardless of £1.9m Ilke Houses write-off

Byrne Group has posted a rise in pre-tax revenue, regardless of being pressured to jot down off £1.9m after the collapse of modular homebuilder Ilke Houses.

Its revenue rose 6 per cent to £6.8m, whereas turnover swelled from £153m to £191m, in line with the group’s monetary assertion for the yr to 30 June.

Groundworks subsidiary O’Keefe Building – which Byrne purchased out of administration final yr – noticed turnover exceed its finances targets to succeed in £45m, whereas working revenue stood at £2.9m.

Nevertheless, its efficiency was closely impacted by the collapse in June of key shopper Ilke Houses, which resulted in a foul debt of £1.9m. Ilke left 1,150 workers with out jobs after folding with a debt load of £120m, excluding intercompany debt.

Elsewhere within the enterprise, concrete-frame contractor Byrne Bros noticed income drop from £73m to £65m and working revenue nearly halve to £2.5m on the again of “very turbulent” market circumstances.

Nevertheless, it remained resilient, finishing work for HS2 at Euston, Paddington Amphitheatre and the Elephant Park residential growth in Elephant and Fort, London, previously yr.

Refurbishment, new-build and fit-out contractor Ellmer Building fared higher, with turnover marginally up at £82m and working revenue rising to £2.4m.

Present tasks embrace fit-out work at Google’s new workplaces in King’s Cross.

Total, Byrne stated its monetary efficiency had been sturdy in opposition to a “very difficult” financial backdrop, closing with a money steadiness of £24.1m.

“Although the market is difficult, we see no let-up within the tasks that go well with our ability set and capabilities,” stated director Michael Byrne.

“We anticipate to ship our focused turnover this yr, and can steadily develop the enterprise with a eager eye on profitability and negotiating works to assist ship this.”

Byrne was one in all CN’s prime floor engineering contractors in 2022 however dropped out of the highest flight this yr.



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