3rd August 2022

Today (Wednesday 3rd August), we announced our financial results for the year ending 30th April 2022.

We reported record revenues of £124.9m and a strong return to profit after two years impacted by COVID.

We delivered an operating margin of 3.5%, and pre-tax profit climbed to £3.6m in the year to April 2022, after a loss of £1.4m previously.

Over the past year, we have seen significant growth across all divisions, notably in higher margin Specialist Piling, Rail and Ground Engineering Services.

Mark Cutler, Chief Executive, commented:  “These results are the first to reflect a full year’s trading post COVID and demonstrate the positive progress the Group is making under its transformation strategy launched in 2019.

“Although the sector continues to face several wider challenges, we have significant opportunities ahead to further improve, and momentum has continued into the new financial year.

“Overall, it is pleasing to see the actions taken over the last three years starting to deliver sustainable results that put us firmly on-track to deliver our medium-term objectives.”

Strong growth in operating cash flows were used to repay debt following the acquisition of ScrewFast Foundation in April 2021 and we invested £4.9m in a new fleet, including eight new rigs.

Our order book at the end of June remained stable at £39m, with current strong activity levels supporting prospects for the year ahead.

Significant framework appointments such as the Smart Motorways Programme Alliance and TransPennine Route Upgrade programmes are expected to provide considerable future workflows.

For the full results and investor presentation, visit our investor page.