Profit margins were squeezed, particularly at the group’s main O’Halloran & O’Brien construction and concrete frame businesses. However, a small increase in profits from the group’s small house builder Riverdale Development boosted the group’s pre-tax profit to £20 million, largely in line with previous years, reports Contract Journal.
The privately owned contractor founded 51 years ago and now solely owned by Tom O’Brien, has grown from a modest groundworks business to a multifaceted major contractor. O’Halloran & O’Brien’s primary groundwork and concrete operation saw profits drop by a fifth to £8.7 million. In comparison, B&T Plant Hire had another profitable year, with profits steady at £4.6 million and housing development profits up at £5.4 million.
“We live in difficult times where profit margins have grown more difficult with investment confidence, so caution remains the order of the day,” OHOB Group Chair O’Brien said. “We also have the added challenges of the geopolitical environment, inflation concerns, and higher interest rates likely to dampen investment confidence. However, we are confident in the group’s resilience as we enter our sixth decade of profitable trading.