CEO Michael Byrne said the group has a healthy order book for the coming year. However, group profitability from increased commerce was hampered by a £1.9m bad debt from the bankruptcy of modular housing specialists such as Homes, for which O’Keefe had worked.
According to CEO Michael Byrne, the firm performed well in a difficult economic environment, earning an operational profit of £8 million before exceptional costs, up from £6.2 million the previous year, reports Contract Journal.
Byrne Group recorded a pre-tax profit of £6.8 million, slightly ahead of projections for 2022. Groundworks and demolition expert O’Keefe exceeded budgets to £45m in its first year of trading inside Byrne Group, delivering a pre-exceptional operating profit of £2.9m.
“The Byrne Group’s support has been instrumental in the business experiencing an increase in the number of new inquiries and requests to tender projects,” Byrne added. We anticipate to meet our revenue targets this year and will steadily build the firm with a focus on profitability and negotiating deals to enable us to do so.”
Byrne Bros’ revenue fell 11% to £65 million, with operating profit halved at £2.5 million. Because of the strength of the fit-out market, Ellmer’s building arm delivered the highest revenue of £82 million, contributing £2.4 million to overall operating profit.