Eric Wright Construction books best profit for 12 years

Aaron Morby 10 months ago
Share

Eric Wright Construction increased profit before tax to £2.3m last year from £0.8m previously, its strongest financial result for 12 years.

Construction MD John Hartnett says the firm is focused on selective tendering over cash generation
Construction MD John Hartnett says the firm is focused on selective tendering over cash generation

The second year of consecutive profit draws to a close a rocky period for the construction arm which had previously struggled with maintaining profitability.

Turnover at the construction business jumped by nearly half to £89m in the year to the end of December 2023.

This strong rebound also lifted parent company, Eric Wright Group, which recorded an increase in turnover to £232m from £168m as the pipeline of projects continued to improve across the group.

But on-going economic and political challenges materially impacted some non-construction activities at the Eric Wright group, which reported a fall in underlying trading profit to £7.5m  from £11.9m the year before.

John Hartnett, managing director of Eric Wright Construction, said: “We have secured an excellent order book for 2024, which exceeds our set target and ensures the company is well placed to deliver sustained profits going forward.

“As we look ahead, we will continue to focus on quality, adopting tight commercial control, effective site management, avoiding high risk opportunities and ensuring we attract and retain talented individuals.”

  • Eric Wright has appointed Ryan Pearce as managing director of its facilities management business, replacing George Lilley who stepped down in June.

Previous to joining Eric Wright FM, Pearce spent a year at consultant Tetra Tech Europe as director of the FM devisjon of the consultant.

Before that he was partnership director at Equans.

Latest news

80 energy projects unlocked as Ofgem backs grid expansion

£24bn energy networks deal gets green light from regulator
20 hours ago

New boss at Eric Wright Civil Engineering

Gavin Hulme takes top job as Diane Bourne moves to group role
5 hours ago

Pinewood submits £1bn data centre plan

Studio giant adds green and learning spaces to tech hub blueprint
21 hours ago

Record results after TClarke goes private

Britain's biggest M&E contractor flourishes after de-listing
21 hours ago

Dalkia lands £200m nuclear maintenance deal

1,000 nuclear FM staff to join M&E contractor
20 hours ago

Construction comeback to outpace wider economy

Arcadis forecast fueled by spending review optimism
2 days ago

First steel goes up on giant car battery site

Severfield gets to work on McAlpine Somerset site
2 days ago

Permasteelisa wins cladding deal on Bovis city tower

Facade specialist lands package at 60 Gracechurch Street
20 hours ago

Fox buys recycled asphalt specialist Fisher

Acquisition adds major recycled asphalt capacity in north west
2 days ago

Major Building Safety Regulator shake-up to end tower delays

HSE stripped of control and top fire chiefs brought in to fast-track stalled schemes
2 days ago

Hinkley trio sign Sizewell civils deal

Balfour,Bouygues and Laing O'Rourke form Civil Works Alliance for new power station
2 days ago

£3.9bn data centre plan for Ravenscraig steelworks

Green energy to power massive new steel to silicon AI campus
2 days ago

Breakthrough on HS2’s second longest tunnel

8.4 mile Northolt to Old Oak Common drive completes
2 days ago

Neilcott on fast-track to debt-free employee ownership

£22.5m loan nearly paid down after big profit year
2 days ago

TfL kicks off race for £700m Tube station upgrade

South Kensington and Elephant & Castle top the pipeline list
2 days ago

Corbyn Plant Hire fleet goes under the hammer

Kit to be sold off by sister firm to collapsed groundworks contractor
2 days ago

Government wields procurement stick on late payment

New rules would block slow payers from bidding on big public jobs
5 days ago

Hercules buys power line labour firm for £15.7m

Labour supply specialist snaps up Advantage NRG to tap booming electricity upgrade market
5 days ago

Universal bid to fast-track planning for theme park

Entertainment giant eyes 2026 start at Bedford site
5 days ago

Developer Breck to transform former Ibstock brick factory

Ravenhead works to become 300-home development
5 days ago

SP Energy Networks awards contracts worth £1.4bn

First round of awards under £5.4bn national electricity grid upgrade programme
6 days ago

Travelodge to convert Liverpool Street office building

Office-to-hotel conversion in City of London
5 days ago

Plans lodged for 1m sq ft City of London office

Barbican landmark building will reuse 40% of existing structure
6 days ago

PTSG acquires roofing specialist HD Sharman Group

Premier Technical Services Group expands building maintenance division
5 days ago

Balfour Beatty lands £833m carbon capture power plant job

Work to start later this year on Teesside carbon capture gas-fired power station
6 days ago

Svella agrees deal to save Cubby Construction

Solvent purchase set to save 214 jobs and protect supply chain
6 days ago

J Coffey holds line on margins despite £52m revenue slide

Pre-tax profit down 14% but firm eyes strong pipeline to bounce back
6 days ago

Consultants called up for £2.3bn NHS SBS panel reboot

Market asked for views ahead of next-gen procurement rollout
6 days ago

Hochtief launches new UK data centre division

German business model to be introduced for UK construction
7 days ago

Construction skills body launches with 100,000 worker target

Industry to work closer with Jobcentres to find new talent
6 days ago