B&K says focus has been on strengthening balance sheet to give confidence to clients
Profit at Bowmer & Kirland fell last year as the firm said its numbers were hit by the impact of inflation and subcontractor failures.
B&K said pre-tax profit was down 16% to 拢53m in the year to August 2023 and in a note accompanying the accounts, chairman Jack Kirkland said: 鈥淥ur construction companies performed well albeit returns were impacted by inflation, a small number of difficult projects and some subcontractor insolvencies.鈥� Operating profit was down from 拢47m to 拢24m.
Kirkland added that a 鈥減riority鈥� for the business was to strengthen its balance sheet. 鈥淸This] provides comfort to our construction clients and enables us to be nimble when dealing with acquisition opportunities.鈥�
Last year, B&K year bought Osborne鈥檚 offsite business for an undisclosed sum while in March it completed the purchase of 60-year-old Adcock Refrigeration for an undisclosed sum.
B&K鈥檚 cash balance at the year-end was 拢459m, a fall from the 拢502m it posted in 2022.
Revenue during the period was up 8% to 拢1.2bn.
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