Firm says delays have meant firm is ‘diversifying into other markets’
Byrne Group improved its annual results for the fourth year in a row, the firm’s latest accounts reveal.
The concrete frame specialist, whose businesses also include fit-out firm Ellmer, said pre-tax profit was up 20% to £9m on turnover up 11% to £190m in the year to June.
The firm said workloads in the residential sector had been hit by hold-ups caused by Building Safety Act but “the businesses are actively diversifying into other markets where their teams’ transferable skills can deliver value”.
Its concrete business, Byrne Bros, remained its biggest division with revenue of £101m, a rise of 18% on last time, and an improved operating profit of £4.3m which the firm said was down to focussing on project delivery and efficiency.
The group, which has been owned by South African builder Wilson Bayly Holmes-Ovcon since 2017, said revenue at its fit-out arm Ellmers was up a third to £81m although operating profit slipped £200,000 to £2.4m.
Ellmers’ recently completed projects include the Whiteleys mixed-use scheme in Bayswater where it has been working on upmarket apartments and has been confirmed for the job to rebuild the Allen Stand at Lord’s cricket ground.
Byrne bought civils firm O’Keefe Group out of administration in summer 2022 and said that turnover at O’Keefe Construction fell by nearly half to £16m from £29m but that the business, which is working on the North London Heat and Power Project, “remained profitable”.
But O’Keefe’s demolition arm saw pre-tax profit jump to £402,000 from just £27,000 last time on turnover of £3.3m.
Cash at the bank improved from £32m to £46m.
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