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Tue June 18 2024

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‘Decent’ results for Bowmer & Kirkland

22 May Bowmer & Kirland has filed financial results showing turnover modestly up but profits softened by rising costs.

Chairman Jack Kirkland
Chairman Jack Kirkland

Chairman Jack Kirkland described his company’s 2023 results as “decent”.

Turnover for the year to 31st August 2023 was up 8% to £1.24bn (2022: £1.15bn) while pre-tax profit was down 15% at £53.4m (2022: £63.1m).

“Despite challenging conditions in the wider construction market, I am please to report that…the Bowmer & Kirkland Group achieved a decent financial performance,” said chairman Jack Kirkland, whose family trust owns the business.

“Our construction companies performed well albeit returns were impacted by inflation, a small number of difficult projects, and some subcontractor insolvencies,” he added.

The Peveril Securities property development business made a significant contribution to the results this time as long-term projects came to fruition.

Operating profit took a hit, falling from £47.0m in the 20922 financial year to £24.3m, due to the cost of sales rising.

Net assets grew during the year to £591.8m (2022: £573.6m) as it added investment properties; cash balance at year-end stood add £458.8m (2022: £501.2m)

In March 2023 Bowmer & Kirkland acquired the Coventry-based panel manufacturing business Innovaré Offsite Limited from the Osborne Group for £7.9m, £6.4m of which was accounted as goodwill.

2023 was Bowmer & Kirkland's centenary year.

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