Pre-tax profit at Roger Bullivant has more than doubled on the back of the group’s robust performance in the residential market.
The foundation engineering specialist posted a profit of £7.5m for the year ending 31 December 2022, up from £3.2m the previous year.
Turnover rose by 18 per cent, from £78.2m to £91.2m, while net assets increased by over 40 per cent to £14.7m.
Directors’ remuneration stood at £509,000 – up from £448,000 the year before – with the highest-paid director earning a package worth £242,000.
A dividend of £1.5m was paid during the year.
Based in Swadlincote, Derbyshire, Roger Bullivant is one of the top 10 ground engineering contractors in the CN Specialists Index 2023.
The firm attributed the results to its success in residential housing, but sounded a note of caution over output in the current year.
“The company had strong levels of activity throughout the year with particularly strong performance in one of the company’s key market sectors, residential housing,” said director Graham Trafford.
“[It] also carried out works successfully in non-residential sectors and views this as an important part of the company’s offering which can be developed further.”
The firm will continue to look at ways to grow its profitability through increased market share, access to new markets, improved site productivity, and long-term relationships with key clients and partners, he added.
Despite the positives, the company expected activity to decrease in 2023 amid deteriorating economic conditions and increased interest rates.
“However, through continued emphasis on site efficiency and cost control throughout the business, the board are confident of a good performance in 2023,” Trafford said.