Firm was bought by Tetra Tech two years ago

The first set of accounts filed by Hoare Lea as a company owned by US giant Tetra Tech show turnover was up but profit slipped more than 20%.

The $3bn turnover California-based firm first made its approach in early 2019 but due diligence and the pandemic slowed the acquisition process down to a crawl.

The deal was eventually sealed in July 2021 for an undisclosed summer with the reporting period of the previous accounts extended to 25 July because of Tetra Tech’s deal.

Hoare Lea

Source: Hoare Lea

Hoare Lea has been owned by Tetra Tech for two years

This has since been switched to 2 October 2022 with turnover in this 14 month period coming in at £115m and pre-tax profit of £17m.

In the 15 months to July 2021, income at the M&E consultant was £103m with a pre-tax profit of £23m.

Hoare Lea, which employed just over 1,000 people during the period, said the like-for-like comparison showed that revenue was up 20% but pre-tax profit was down 21%.

Its biggest market by far is the UK with revenue of £107m but the firm said it was eyeing more work overseas and has begun working in Ireland with the firm planning to open a new office in the country by the end of the year.