JRL 10-year growth spurt stalls

Aaron Morby 3 years ago
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Diversified south east construction group JRL saw its 10-year run of steady growth halted by the pandemic.

Group revenue slid 9% to £569m with pre-tax profit taking a hit falling 22% to £26m.

JRL’s London Tower Crane arm shone in the year to December 2020 contributing the highest profit of all operations for the first time.

Main contracting arm Midgard continued its rapid growth to now generate over 70% of group turnover, but profitability at the arm was severely hit by the pandemic falling by two-thirds to £6.4m.

Chairman John Reddington said the business had delivered a resilient performance in the extremely challenging year.

He said: “Our Tier 1 self delivery contracting model has worked well through the pandemic period and we have proven our ability to maintain programme and control critical path packages.

“During the second half of the year, we successfully secured several substantial contracts and finished the year with a strong order book.”

He added: “The group is expected to return to controlled growth in 2021.”

Main JRL trading businesses
Revenue 2020 PTP 2020 Revenue 2019 PTP 2019
Midgard £404m £6.4m £308m £19.1m
J Reddington £253m £8.3m £283m £15m
Ark M&E £74m £6.2m £44m £0.1m
McMullen Facades £54m -£1.9m £27m -£11.4m
UK Facades £53m £0.6m £45m -£0.4m
Thames Reinforcements £43m £1.3m £52m £1.2m
JRL Plant and Logistics £43m £2m £54m £0.7m
London Tower Crane £38m £9.7m £42m £9.9m
Midgard Public Sector £28.1m £2.1m £32m £0.3m
JRL Drylining £20m -£1.9m £24m £1.8m
JRL Civil Engineering £10m -£0.3m £13m -£1.1m

Despite the slow down cash improved to £112m from £92m in the year.

 

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