Tidy dividend for Tide owner

At 135-metres high, Croydon’s Ten Degrees is the world’s first volumetric building over 40 storeys

Tide Construction’s financial results for the year to 31st August 2023 show  11% turnover growth to 197.2m (2022: £177.5m)  but pre-tax profit softening at £7.1m (2022: £11.1m).

At the year end, the company’s net assets were £57.4m (2022: £74.6m), having paid a dividend of £23m during the year.

Tide is owned by 72-year-old Irishman John Fleming.

“The directors are pleased with the revenue growth,” he wrote in the annual report. “Continuing price inflation in materials and subcontractor costs reduced margins in our contracting operations but, as in 2022, project management work helped to reduce the overall impact of price inflation in our core business. The directors remains focused on strengthening the business by embracing the revolution taking place in offsite construction in addition to the development of modular technology.”

A highlight of the year was completion of Europe’s tallest modular building. At 135 metres high, Ten Degrees in George Street, Croydon, is reputedly the world’s first volumetric building over 40 storeys. It comprises more than 1,500 volumetric units, produced by Tide sister company Vision Modular Systems in Bedford.

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