Turnover at firm back up above 拢600m as profit stays flat
The company which snapped up stricken offsite specialist Caledonian Modular this spring said turnover last year was back up to close to its pre-pandemic peak, topping 拢600m for the second time in its history.
But JRL Group, which has drawn comparisons with Laing O鈥橰ourke because of its self-delivery model, said its various divisions, which include residential contracting specialist Midgard, concrete frame firm J Reddington, an M&E arm and a fa莽ades operation, had mixed success in 2021.
The company paid 拢6.25m for Caledonian in April, spending 拢450,000 on fixtures and fittings and 拢5.8m on land and property at Caledonian鈥檚 Newark site.
In its latest annual report and accounts filed at Companies House, Hertordshire-based JRL said cost inflation hit profit at its J Reddington concrete frame arm while its facades business was hit by 鈥渓oss-making and legacy contracts鈥� which forced the firm last year to increase a provision it has made by 拢1m to 拢4.5m.
JRL said the money for possible repair work on completed projects 鈥渞eflects the expected outflow of economic benefit from the group to complete the remedial works on the legacy schemes reviewed鈥�. It added that it did not expect any settlements to be made within the next 12 months.
But there was better news at Midgard, which is building the Octagon tower in the middle of Birmingham, as it increased profit while M&E arm Ark also improved profit which it said was 鈥渄riven by well executed and managed contracts鈥�.
Group income was up 7% to 拢610m for the year to December 2021 while pre-tax profit was flat at 拢27m.
The firm, which has 1,650 staff, said it claimed 拢520,000 from the government鈥檚 Coronavirus Job Retention Scheme in 2021 鈥� down from the 拢3.6m it was handed the year before.
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