In the year to 31st March 2023, John F Hunt Group turned over £157.1m (2022: £108.8m) while profit before taxation was up 73% to £9.5m (2022: £5.5m).
In its 2021 financial year, group turnover was £81m.
At the same time, the net worth of the business, as shown in the accounts, has risen from £23.4m in 2021 to £33.7m last year. It remains privately owned by chairman John Hall, who formed John F Hunt Contracting Ltd in 1982 in Essex, initially specialising in industrial and chemical plant dismantling.
Finance director Ian Saville wrote in the 2023 annual report, filed last week: “Turnover and overall margin are expected to be maintained for the current year. The directors are confident that the expansion of portfolio services by acquisition, discipline and geographic location will provide significant opportunities for the group in both the construction and nuclear decommissioning sectors.”
The demolition business John F Hunt Ltd grew turnover by 15% to £67.3m (2022: £58.3m), with pre-tax profit flat at £1.6m (2022: £1.6m) due to the rising price of concrete and steel.
“Tender levels remain strong with number of major tenders being submitted in 2022/23 resulting in a number of significant contract awards,” the fiancne director said. “The company has a significant amount of secured workload heading into 2023/24.”
John F Hunt Regeneration doubled its turnover to £79.0m (2022: £39.0m) and increased operating profit to £6.0m (2022: £2.0m).
Hire services contributed £13m turnover and asbestos consultancy another £5m.
John F Hunt was fined £5.6m in March 2023 by the Competition & Markets Authority for collusion and bid rigging. It was one of 10 demolition contractors found to have been rigging the market between 2013 and 2018. That fine was taken as an exceptional charge in the 2021 accounts, in advance of it being officially handed down.
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