For the year ended 31st August 2022, Bowmer & Kirkland generated turnover of 拢1,150m, which was down 2.5% (2021: 拢1,180m). Pre-tax profit was down 3.4% at 拢63.1m (2021: 拢65.3m).
Net assets grew over the course of the year from 拢551m to 拢574m, while net cash dipped from 拢514m to 拢501m.
Operating profit was down 22% at 拢47.0m (2021: 拢60.3m) but a 拢13m fair value gain on investments lifted the pre-tax result.
Chairman Jack Kirkland said: 鈥淥ur construction companies again performed well in all sectors and in all regions鈥� In other parts of the group, our construction services companies had a decent year as did our homeland security businesses both in the UK and the US. In a challenging market, property development through our Peveril Securities arm and out work with joint venture partners again made a key contribution to our returns, with some long-term projects coming to fruition in the year. Our strong cash position enables us to act quickly and we continue to seek our equity funding opportunities.鈥�
The highest paid director had another big pay rise with total emoluments up 37% to 拢4.4m, on the back of a 155% rise the previous year.
2023 is Bowmer & Kirkland鈥檚 centenary year.