Gilbert-Ash has posted pre-tax profit of £1.5m for the year to 31st December 2023, down 64% from 2022’s £4.2m and 87% down on the £12.0m pre-tax profit in 2021.
Turnover reached a record high for the company in 2023, at £267m, although this represents below-inflation growth of 1.9%.
The erosion of profits was attributed to price inflation impacting on input costs.
However, the company insists that it is “in a robust financial position with a significant order book”.
Projects completed in 2023 include the Stirling Prize nominated redevelopment of the National Portrait Gallery, a £39m Hub by Premier Inn hotel in Clerkenwell and the £21m Ruby Zoe Hotel in Notting Hill – all in London.
This year Gilbert-Ash, working out of offices in Belfast and London, has completed the £24m construction of a performing arts centre and 400-seater theatre at Brighton College, while two major residential schemes in England will handover before the end of the year.
New orders won this year includes a £31m contract to construct St Paul’s New Junior School in west London and a £35m contract to construct two sixth form girls boarding houses for Winchester College in Hampshire, due to open to pupils in September 2026.
Gilbert-Ash managing director Ray Hutchinson said that the company was looking to the future with optimism.
“We are very proud of the many significant projects completed and new work secured for this year and the coming years,” he said.
“Despite the challenging conditions, our people have shown remarkable resilience and have consistently delivered outstanding projects for our clients, something which is evidenced by the National Portrait Gallery’s Stirling Prize nomination. Work continues two other major public buildings at Tate Liverpool and Theatr Clwyd in Wales.”
