In the year to 31st December 2022, JRL Group generated turnover of 拢761.0m (2021: 拢609.1m) and made a pre-tax profit of 拢10.9m (2021: 拢24.9m).
That 1.5% net margin might be considered adequate for many construction companies but JRL was consistently making more than 5% in the pre-covid years. Even in 2020 and 2021 it was making more than 4%.
鈥�2022 was a difficult year for the UK construction industry, inflation was at an all-time high. Thankfully, our in-house delivery model, whilst it does not fully protect us from inflation, it does save us from supply chain failures and excessive mark-ups,鈥� said chairman John Reddington.
鈥淲e have been targeting commercial work in recent times and during 2022 our new team hit a milestone when we secured our second contract. This opens up further work for the in-house businesses: piling, groundworks, concrete frames, MEP and facades.
鈥淚nflation has stabilised, we have a healthy order book and with a motivated team look forward to better results in the coming years.鈥�
Star performer for the group was Midgard, the main contracting business formed in 2006.
Midgard made 拢25.3m before tax on revenue of 拢536.3m, compared to 拢14.5m on 拢456.8m in 2021. 鈥淢idgard continues to leverage the combined offering of JRL Group delivering increasingly complex and prestigious projects. In an increasingly uncertain environment, Midgard continues to demonstrate that self-delivery de-risks the programme and provides cost certainty. With a strong order book and the support of the wider group, the directors look forward with confidence,鈥� Mr Reddington said.
J Reddington Ltd, the groundworks and concrete frame business, made a pre-tax loss of 拢1.6m on revenue of 拢396m, compared to a profit of 拢833,000 on revenue of 拢316m in 2021.
Thames Reinforcements increased revenue from 拢62.7m to 拢98.7m and pre-tax profit from 拢3.6m to 拢8.6m.
London Tower Crane Hire & Sales increased revenue from 拢37.7m to 拢39.7m but profit fell from 拢7.2m in 2021 to 拢4.7m in 2022.
JRL Plant & Logistics followed a similar pattern: revenue up from 拢44.5m in 2021 to 拢49.6m in 2022, but pre-tax profit down from 拢200,000 to 拢37,000.
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