Strong UK growth and international orders helped steel specialist William Hare Group return to profitability last year after boosting turnover by 27 per cent.
The firm’s audited financial results for the year ending 31 December 2023, released to Construction News this morning (26 September), showed that revenue rose by £67.2m to reach £315.5m.
This increase generated a pre-tax profit of £5.8m compared with an £853,000 loss in 2022, and a margin of 1.8 per cent compared to -0.3 per cent the year before.
William Hare’s accounts said the firm now had a “strong balance sheet” with “substantial headroom” against banking and insurance guarantees.
In her strategic report accompanying the accounts, the group’s chief executive and chair Sue Hodgkiss said the results were “down to a resurgence in international markets, as well as further growth in the UK”.
She added: “We have taken a very prudent approach financially over the years, which means our balance sheet is a source of strength.”
William Hare was ranked 68th in the latest CN100 ranking of top contractors by turnover.
The company operates in the UK, as well as in the United Arab Emirates, India and Europe. It has delivered projects in sectors including energy, infrastructure and stadiums.
The firm is one of the delivery partners with the Sellafield programme, providing structural steel work.
In a press release yesterday, Matthew Nesbit, board member and director for the group, said the finances had been achieved “during a time that has been challenging given ongoing inflationary pressures, project delays and a changing political landscape”.
In May the firm revealed it had won the contract to lead on steel fabrication and installation work for the latest stage of the Broadgate development in London (pictured).
Established in 1945, William Hare is a family-owned business with a headcount of 1,947 – up from 1,771 in 2022.
The firm ended 2023 with £27.4m of cash at hand, up from £20m the year before. It held no bank loans or overdrafts, and declared a dividend of £2.2m.
Looking ahead, Hodgkiss said the firm was in good shape for the year ahead. “Our order book is well diversified and in the best shape in our history, giving us much optimism for the future,” he said.
