Keltbray grows 30% but dips into the red

Image from Keltbray annual report

Keltbray’s annual report for the year ended 31st October 2023 shows turnover increasing by 30% £689.0m.

Gross profit increased 25% £72.5m, while operating profit decreased 20% to £4.9m due to investment in the business. With a £5.3m outlay on interest payments and similar expenses, the pre-tax result was a £1.2m loss, compared to £3.4m profit the previous year.

For Keltbray, however, the story is all about continuing growth. During fiscal 2023 its order book more than doubled, reaching £1,100m

Of the total £689m revenues, the Built Environment division contributed £312m, despite clients remaining hesitant and delaying project starts. Infrastructure recorded revenue of £378.4m, as predicted framework packages came to market, in energy and nuclear decommissioning in particular.

Group executive chairman and owner Brendan Kerr said: “Keltbray’s business model has certainly been put to the test over the last four years, and I am pleased to report that it has served us well, making us an even stronger, more dynamic business today.

“I would like to thank everyone at Keltbray for their dedication and hard work. Their high levels of engagement have once again been instrumental to the business in producing a good set of results against a challenging backdrop.”

Chief executive Darren James said: “I am pleased with the group’s performance, particularly in key infrastructure markets such as energy transition and decarbonised transport, where secured work now exceeds £1bn. Our high-quality order book provides visibility and security of future workloads, keeping our projects safely on track and enabling us to deliver a record set of results.

“Our two division, one business structure, addresses a broad range of large and expanding UK end markets, all of which are adapting to key structural drivers such as social and political change, carbon neutrality, energy transition and supply chain challenges to name but a few. This plays to Keltbray’s strength and will bring further opportunities for the group.”

No dividends were paid during the year.

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