HE Simm & Son plots steady recovery

The business, first established in 1948, continued its bounce back from the impact of the pandemic lifting revenue by over 25% to £54m in the year to July 2022.

Gareth Simm, chief executive of the wider HE Simm Group said the MEP contracting arm was on course to restore revenue to its near £100m pre-pandemic peak within the next few years.

Over the last year, operating margins also improved to 1.8% from 0.9% previously. This saw pre-tax profit rise to £1m from around £447,000 previously.

The growth also saw cash improve to £5.8m.

Simm said the Liverpool-based building services contractor was maintaining a laser focus in terms of dynamically monitoring labour and material prices and availability.

“Despite an inevitable backdrop of continued projects delays and increased risk over the next financial year, increased revenue levels are forecast in line with our five-year strategic plan, focussed on core markets and recession-resilient sectors.

“HE Simm’s balance sheet remains strong, the business will continue to make prudent decisions with a view to securing the company’s future in the face of challenges while delivering measured growth wherever possible.

‘The foundations are in place to emerge with strength, with turnover recovering, potentially exceeding that of the pre-pandemic levels in the next few years,” he added.

 

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