Robertson Group (Holdings) has announced a 21 per cent rise in profit before tax of £20m, as the contractor rebounds from the COVID-19 pandemic.
Results for the year ending 30 June 2022 show that the group’s holding company recorded £615.5m in revenues, up from £588.3m in the previous period. It stated that better-than-expected profit margins and management of operating costs helped deliver the higher profit.
Gross profit stood at £67m, while operating profit hit £18.5m, up from £14.9m in 2021. The holding company accrued just over £2m from interest payments during the year to top up its overall profit.
Group revenue, which forms the bulk of the holding company’s income, stood at £594m, up from £566m in the previous year. The group, which filed separate accounts, registered a profit before tax of £21.2m, up from £16.7m in 2021.
In the director’s report for the group accounts, Robertson stated that it had managed to improve profits despite facing “unprecedented levels of inflation across materials, labour and energy not seen in 50 years”.
“This, on the back of the COVID-19 impact in 2020, has made the past two years some of the most challenging ever encountered by a range of businesses,” the company added.
The group stated that it was working across 120 construction developments and 90 facilities-management sites. Despite the positive results, the firm stated that it was still being affected by material and energy price inflation.
Commenting on the results, Elliot Robertson, chief executive of Robertson Group, said: “The group continues to deliver improvement in line with our long-term strategy. We are pleased with a strong set of results in a challenging market, delivering quality of earnings, which builds on the progress made last year and reflects the diversity of our offering and strength in the marketplace.”