For the year ended 31st August 2022, Bowmer & Kirkland generated turnover of £1,150m, which was down 2.5% (2021: £1,180m). Pre-tax profit was down 3.4% at £63.1m (2021: £65.3m).
Net assets grew over the course of the year from £551m to £574m, while net cash dipped from £514m to £501m.
Operating profit was down 22% at £47.0m (2021: £60.3m) but a £13m fair value gain on investments lifted the pre-tax result.
Chairman Jack Kirkland said: “Our construction companies again performed well in all sectors and in all regions… In other parts of the group, our construction services companies had a decent year as did our homeland security businesses both in the UK and the US. In a challenging market, property development through our Peveril Securities arm and out work with joint venture partners again made a key contribution to our returns, with some long-term projects coming to fruition in the year. Our strong cash position enables us to act quickly and we continue to seek our equity funding opportunities.”
The highest paid director had another big pay rise with total emoluments up 37% to £4.4m, on the back of a 155% rise the previous year.
2023 is Bowmer & Kirkland’s centenary year.
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