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Sat July 31 2021

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JRL predicts return to growth after rare reverse

30 Jun The global pandemic brought to an end the continuous year-on-year growth of JRL Group.

London Tower Crane made a pre-tax profit of nearly £10m on £38m revenue
London Tower Crane made a pre-tax profit of nearly £10m on £38m revenue

Turnover for ultimate parent company JRL Group Holdings was down 8% in 2020 to £570m (2019: £620m).

Until 2020, JRL Group had grown every year since 2010, when it turned over £106m.

However, despite the impact of Covid-19, 2020 was still the company’s second biggest ever year in terms of turnover, beating 2018’s £539m revenue.

Pre-tax profit for 2020 was down 21% at £27.2m (2019: £34.5m).

Chairman John Reddington said in the directors’ report in the 2020 accounts: “A combination of contract deferrals and reduced productivity led to temporary reductions in turnover. Overall the directors are satisfied in the operational resilience demonstrated in this modest reductions considering the challenges represented by the pandemic.”

He added: “The group is expected to return to controlled growth in 2021 supported b a strong secured order book.”

JRL Group Holdings Limited is the ultimate parent company of, among others, J Reddington, Midgard, JRL Civil Engineering, McMullen Facades, London Tower Cranes Hire & Sales and Trent Precast Concrete. It began in 1996 as a groundwork and reinforced concrete frame specialist.

J Reddington Ltd generated revenue of £253.1m (2019: £283.2m) and made a pre-tax profit of £8.3m (2019: £15.0m).

Midgard Ltd generated revenue of £403.9m (2019: £308.1m) and profit of before tax of £6.4m (2019: £19.1m).

McMullen Facades made a pre-tax loss of £1.9m (2019: £11.4m loss) on turnover of £53.8m (2019: £26.7m).

London Tower Crane made a pre-tax profit of £9.7m (2019: £9.9m) on revenue of £38m (2019: £42.2m).

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