Tilbury Douglas has reported a robust financial performance in 2023, achieving a 25% rise in revenue and a return to profitability, signalling a positive shift from previous years.
- In 2023, Tilbury Douglas recorded a pre-tax profit of £5.8 million with a notable turnover increase to £507.2 million, contrasting sharply with a loss of £94 million in 2022.
- The company’s robust financial health is attributed to stringent governance and high-quality work, alongside a profitable focus in the Regional Building division.
- Tilbury Douglas strengthened its market position with £533 million in new contracts in 2023, carrying forward a secure order book exceeding £1 billion into 2024.
- With new management and strategic focus, Tilbury Douglas continues to show strong financial and operational performance into the first quarter of 2024.
Tilbury Douglas has announced a significant turnaround in its financial performance for 2023, marking a notable 25% increase in revenue, culminating in a profitable year with a pre-tax profit of £5.8 million. The past financial strain, largely due to legacy contracts and the intricacies of separating from the failed Interserve group, is now addressed, allowing Tilbury Douglas to refocus its efforts and resources.
This positive financial outcome highlights a marked contrast from the previous year when the company faced a pre-tax loss of £94 million. Key to this recovery has been consistent tight governance, high-quality workmanship, and profitable trading practices. Such strategic emphasis has allowed the corporation to steer away from previous financial pitfalls.
The Regional Building division emerged as a primary contributor to this financial success, accounting for £331.2 million of the group’s revenue. However, challenges persisted within the Infrastructure division, which posted an operating loss despite an £85.5 million turnover. In response, Tilbury Douglas has streamlined this division’s focus towards regulated industry frameworks under new management.
In 2023, Tilbury Douglas secured considerable market advancements by winning £533 million in new contracts. This accomplishment fortified its order book, which closed the year above £1 billion, indicating a healthy stream of secured and potential projects.
The momentum continued into the first quarter of 2024, with more than £150 million in turnover and an additional £172 million in new contracts secured by March. The company’s cash position has also shown significant improvement, reflecting strong financial stewardship and operational capability.
In a statement, Chair Nicholas Pollard underscored the successful repositioning of Tilbury Douglas as a standalone major player in the construction and engineering sectors. Chief Executive Paul Gandy praised the resilience and dedication of the company’s workforce, marking 2024 as a celebration of the firm’s 140th anniversary, which he notes is founded on strong historical roots.
Tilbury Douglas confidently enters 2024 with strong growth momentum and a focus on sustainable success.
