Belfast-headquartered contractor Gilbert-Ash Limited saw its turnover for the year to 31st December 2024 decline by 10% to £235.7m (2023: 262.8m) but pre-tax profits more than doubled to £4.6m.
It was a welcome return to profit growth after several years of disappearing profits – from £12.0m before tax in 2021, to £4.2m in 2022, to £1.9m in 2023.
“Profits are in line with expectations and reflect the continued hard work and resilience of our people,” said managing director Ray Hutchinson in the latest annual report.
“Gilbert-Ash Limited continues to build a portfolio of successful construction projects across a growing range of sectors, including education, arts and culture, hotels and leisure, and workplace, with a number of highly prestigious project wins and completions achieve in 2024.”
Interim dividends of £2.7m were paid out of the business (2023: £232,000).
During the year the company was sold to an employee ownership trust, representing the 187 staff. [See previous report here]
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