In the year to 31st October 2022 Keltbray increased turnover by 35% to £527.8m (2021: £389.5m) and made a pre-tax profit of £3.2m. In the previous two years it had made losses of £4.3m and £9.4m.
The growth was attributed to “high quality contract wins underpinned by tighter governance in opportunity selection and project delivery”.
The return to profit was attributed to lower-level exposure to exceptional costs, have impacted previous years’ performances.
“Keltbray today is operationally stronger than at any time in our history,” said executive chairman and majority owner Brendan Kerr.
Gross margin decreased to 10.6% largely due to acquisition and integration of the NMCN highways business, supply chain price inflation and front loading of costs as new contracts mobilise into delivery phase.
The secured order book grew 70% during the financial year to £526.4m, representing one year’s annual revenue.
Chief executive Darren James said: “During the financial full year 2022, Keltbray delivered a resilient financial performance, posting strong growth in the order book, with some exceptionally high-quality contract wins, and growth in revenues, operating profit and group cash headroom, achieved against the backdrop of continued trading challenges
“Our reputation for complex engineering excellence, supply chain operations and our delivery culture, combined with the attractive fundamentals of our core markets, gives us a strong platform to ‘unleash our potential’ and realise our ambitions for the future growth of Keltbray, even in the face of continued headwinds.”
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