John F Hunt forecasts record revenue and profits this year

Aaron Morby 1 month ago
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Demolition contractor John F Hunt is forecasting record revenue and strong profits this year after previously setting aside £5.6m to cover the cost from its part in a bid-rigging ring revealed by the cartel-busting watchdog.

The John F Hunt Group has released financial results to March 2022 to evidence the liquidity and financial resilience of the business.

The latest financial statement comes after the Competition and Markets Authority announced last week that John F Hunt was one of 10 firms provisionally found to illegally have colluded in bid-rigging for demolition and asbestos removal contracts.

The earlier provision in 2021 pushed the demolition arm £2.2m into the red.

Now the group, including the power business, has rebounded with annual revenue jumping 35% to £140m last year and revenue forecast to hit a record £190m in 2022/23.

Improved trading saw pre-tax profit up 43% to £10.6m last year with the contractor forecasting another rise this year.

After taking full allowance for legacy regulatory matters, cash stood at £23m at the March 2022 year-end. 

The firm’s statement said: “The outlook for 2022/2023 remains strong, even considering the global inflationary and supply chain challenges that the UK economy currently faces, with a healthy secured order book within the construction businesses and continued demand with generator rental market including the expansion of our fuel management offering to our John F Hunt Power customers.

“Turnover is forecast to be £190m for the financial year ending March 2023 with a profit margin of £13.2m, 7% on group turnover.”

 

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