Chairman Jack Kirkland described his company’s 2023 results as “decent”.
Turnover for the year to 31st August 2023 was up 8% to £1.24bn (2022: £1.15bn) while pre-tax profit was down 15% at £53.4m (2022: £63.1m).
“Despite challenging conditions in the wider construction market, I am please to report that…the Bowmer & Kirkland Group achieved a decent financial performance,” said chairman Jack Kirkland, whose family trust owns the business.
“Our construction companies performed well albeit returns were impacted by inflation, a small number of difficult projects, and some subcontractor insolvencies,” he added.
The Peveril Securities property development business made a significant contribution to the results this time as long-term projects came to fruition.
Operating profit took a hit, falling from £47.0m in the 20922 financial year to £24.3m, due to the cost of sales rising.
Net assets grew during the year to £591.8m (2022: £573.6m) as it added investment properties; cash balance at year-end stood add £458.8m (2022: £501.2m)
In March 2023 Bowmer & Kirkland acquired the Coventry-based panel manufacturing business Innovaré Offsite Limited from the Osborne Group for £7.9m, £6.4m of which was accounted as goodwill.
2023 was Bowmer & Kirkland's centenary year.
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