The Hertfordshire-headquartered contractor added, however, its margins had “substantially improved” since the prior trading period, in part due to buoyancy in its piling, joinery and demolition divisions.
CEO, Brian Morrisroe, said: “Although it is disappointing to report a further trading loss as a group, it is a substantially improved position as compared with the previous year as we emerge from a somewhat exceptional period in our trading history.”
He added: “We expect to continue on our positive trajectory to normal profitability in future years, with new contracts being secured with more reasonable risk sharing terms, and now that supply is less of an issue, many of our materials suppliers have begun to offer fixed price arrangements.”
Turnover for the year ended 31 October 2023 was £218.8 million, up from the £203.8 million achieved in the previous financial period, generating a pre-tax loss of £1.3 million (FY2022: £11.4 million loss).
Morrisroe reported an operating loss last year of £1.5 million, adding to another loss in the prior financial year (£12.7 million).
Net assets and total equity were valued at £60.3 million, slightly down on the £62.2 million achieved the year before, with cash reserves of nearly £17 million, down from £27 million in FY2022.
The group posted a loss for the year of £1.4 million, following a £11.3 million loss in the prior trading period.
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