Graham sees profit rises by more than 50%

Article by Kerry Lorimer

 

Profit at Graham has soared by 54 per cent in the last year.

The contractor said the results came off the back of a strong performance in difficult market conditions in its annual report.

The Northern Ireland-based company added its results demonstrated a commitment to “strong and sustainable” financial growth, despite the challenges posed by the pandemic and rising inflation.

Its accounts for the financial year to 31 March show a pre-tax profit of £19m – a 54 per cent increase from the £12.33m recorded in 2021 – while the corresponding profit before tax margin rose by half a percent to 2 per cent.

Revenue reached £948m, providing a £141.9m – or 17.6 per cent – increase in the company’s turnover from the previous year.

Cash at bank and in hand also increased to £127m, up from £118.9m in 2021, enabling Graham to improve its supplier payment statistics and invest in the training and development of its 2,200 strong workforce.

The company said each of its business units, including building, civil engineering, interior fit-out, facilities management and investment projects, remained profitable throughout the last financial year.

Looking ahead, it has a work pipeline of £1.9bn, with over 100 live projects across the UK in the education, healthcare, commercial, retail, highways, and rail sectors.

The firm recently completed the core of a £100m residential-led build-to-rent development, which will be one of Glasgow’s tallest buildings. It has also finished work on a new junction on the M11, one of the biggest highways infrastructure projects in Essex.

Last month, the contractor was named one of the UK’s top 100 most inclusive workplaces.

Graham Group chief executive Andrew Bill said the company’s performance in the face of considerable economic challenges was down to the concerted efforts of the workforce, the cultivation of long-term client relationships and a disciplined approach to winning work.

“We have adopted a pragmatic, sensible and selective approach to winning work, coupled with a focus on risk management,” he said.

“Real collaboration with our clients and partners, based on trust and transparency, has also been central to realising our group objectives.

“It goes without saying that the immense efforts of our staff, supply chain and subcontractors, who continue to innovate and strive for excellence, is the platform that underpins our continued high performance.”

Last year, the company was hit by the early impact of the pandemic but still saw an increase in profit, having used the Coronavirus Job Retention Scheme to protect its workforce.

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