Triton Construction, despite a downturn in turnover, has reported a significant increase in profit for the financial year ending 31 March 2024.
- The company’s turnover experienced a decline of 18%, yet profits rose over fivefold, indicating efficient management and recovery from previous challenges.
- Outstanding issues with Swangate Developments Ltd, including a bad debt of £145,000, were resolved in Triton’s favour after adjudication.
- Chairman Michael Parkinson has led strategic decisions to retain profit within the company, ensuring a robust financial footing for future endeavours.
- Triton begins the new financial year with a strong order book and strategic partnerships, indicating a positive outlook.
In an impressive demonstration of financial resilience, Triton Construction has reported robust profit growth despite a notable decrease in turnover. For the fiscal year ending 31 March 2024, the company experienced an 18% drop in turnover to £50.9 million, down from £62.1 million in 2023. However, pre-tax profits soared to £676,000 from the previous year’s £119,000. This remarkable increase underscores the company’s adept handling of challenging economic conditions.
Michael Parkinson, the chairman, expressed satisfaction with the company’s progress, noting that several secured schemes had performed well and met pre-pandemic margin levels. This success enabled Triton to write off several challenging projects and debt provisions from Swangate Developments Ltd, a Harrogate-based client that went into liquidation after a failed final account settlement for a project in South Wales. Through adjudication, Triton was awarded over £400,000, though the insolvency resulted in an unrecoverable debt of £145,000.
Established in 2005 by Michael Parkinson in Liversedge and transferred to employee ownership in 2020, Triton has remained financially prudent. Parkinson emphasised the board’s decision to retain all residual profits to bolster the balance sheet, fortifying the company’s financial stability. He highlighted that maintaining strong cash positions ensured timely payments to the supply chain, fostering lasting business relationships.
Triton’s outlook remains optimistic, starting the new fiscal period with a record order book and a pipeline filled with high-quality opportunities. The company is poised to be selective in its projects, balancing its workload without overexposing itself to risk in any particular sector. A noteworthy development is the resurgence of Triton’s long-term client, Premier Inn, which plans to expand significantly, supported by Whitbread’s £500 million investment into the hotel chain.
Triton Construction’s strategic management and robust financial practices have paved the way for continued growth and stability.
