Hull construction specialist Ashcourt Group has delivered strong revenue growth as it continues to invest in its regional operations.
The company, launched as a student accommodation provider more than 25 years ago, and now active in a range of building and logistics fields, has increased turnover by 43 per cent, up from £106.4 million to £153 million.
Operating profits also increased from £7.7 million to £11.7 million in the year to July 2022 for the Foster Street headquartered business.
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Having started with university-linked projects in the city, the group has expanded into residential and commercial building, civils, highways and demolition, while developing a logistics fleet in haulage, plant and fuel delivery. Aggregates, waste management and concrete supply has also been added through investment and acquisition, with projects delivered for the likes of Howdens, Spencer Group, Hull University Teaching Hospitals NHS Trust and Myenergi.
In the strategic report accompanying the results, director Kurt Bousfield said: “The last year has been successful with the group achieving significant progress against its underlying objectives of sustainable growth through product offerings and performance quality, raising brand awareness in the market and strategic acquisitions.
“The war in Ukraine, rising inflation and the associated impact on the general cost of living created operational challenges as the availability and cost of construction materials changed. To ensure the group continues to operate effectively through these challenging times, cost control measures have been implemented and are constantly monitored, and we are working with our customer base to react to market factors.
“The group has positioned itself as a valued partner to its customers and is expected to achieve continued growth through its expertise and dedicated workforce, as we look forward to progressing our long term objectives and opportunities.”
More than 50 jobs were created in the period, with headcount increasing from 304 to 355.
The year closed with the batching and delivery of 900 cubic metres of concrete for the prominent Damac Group silo on Albert Dock, and since the period ended a third concrete plant has opened at Melton, with a January launch for the site to enhance the geographic footprint.
The strong return came despite a £3.3 million exceptional cost incurred in a refinancing move following a major review of the company’s facilities, with new funding partners “more aligned to the growth strategy of the group” brought on board.
Mr Bousfield said: “The board is confident that the new funding streams assure that the group is positioned correctly to capitalise on the opportunities available and provide the appropriate funding structure to accelerate and deliver growth and more than recover those costs incurred in future financial periods.”
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