GMI Construction Group PLC

GMI Construction Group PLC, one of the UK’s largest independently owned construction firms, has released annual results for the year ending September 30^th, 2022.

The Leeds-based firm has shown strong growth with turnover tripling to reach £360million and has used the extra revenue for a large-scale investment of more than £3m into the business, resulting in a small loss for the year of £2.3m.

The investment money was deployed in new people and systems, new technology, and new regional offices. The company is debt free and has also used the revenues from a buoyant year to increase its cash in the bank by nearly £11.5m (from £22.3m to £33.7m).

The key performance indicators from the annual results are:

-Turnover £360.3m (2021: £120.7m)

-Cash at Bank £33.7m (2021: £22.3m)

-Loss Before Tax of £2.3m (2021: £1m Profit Before Tax)

-Profit After Tax: £0.9m (2021: £1.0m)

-Average headcount: 216 (2021: 121)

-Future proofing investments £3.09m

-Average Contract Value: £17m

-Number of Projects completed: 11

-Number of projects on site at year end: 32

Commenting on the results Lee Powell, who was appointed CEO mid-way through the financial year 2021-22, said: “GMI Construction has grown and developed in the immediate post-pandemic period as we implemented a growth strategy to win and deliver new contracts. We have maintained the support of a strong cohort of existing clients and won the confidence of numerous firms and developers in areas where we have increased our presence through the establishment of new offices and recruitment of new dedicated staff.”

He added: “The credibility of our proposition is enhanced by our determination to invest the proceeds of growth in new technology and skilled staff. Our average contract value has grown, as clients want to work with a contractor that has the means to deliver on time and on budget.

“This year we have used technology to enhance our offer to clients with quantifiable project updates that are being delivered via our Enterprise Resource Planning technology. GMI is able to access digital cost data on all major projects together with quality assurance data, which traces all materials and actions in line with the requirements of forthcoming Building Safety Act.

“We have also invested heavily in delivering on the ESG expectations that modern Britain requires. A new Head of Responsible Business has been appointed, who is overseeing £5m of social values spending, which includes the training of directly employed apprentices.”

Looking to the future Lee Powell said: “We are now entering our 37^th year in business, we remain debt free and have maintained our KPI of 10%, over £30 million, cash in hand. The growth we have achieved and the massive forward investments we have made, give the board confidence that we remain on track to meet our ten-year vision of reaching a turnover of £800 million.”

ENDS

News release issued on behalf of GMI Construction Group PLC by Recognition PR.

For further information contact Jamie Collis or Andrew Douglas on 01325 363436

Photo Caption: At the end of its financial year GMI was on site with 32 live projects

Notes to editor

About GMI Construction Group

GMI Construction Group PLC is an established and successful UK contractor and construction services company providing specialist design and build capabilities spanning multiple sectors.

Having Celebrated 35 years in 2022, the company has a proven track record for the delivery of high quality, energy efficient, often complicated projects from inception to completion with a strong focus on innovation and technology.

It operates across multiple sectors and markets including commercial offices, mixed-use buildings, residential, retail, education, distribution and logistics, manufacturing, hotels, and leisure.

Driven by strong core values, its focus is on exceeding customers to leave a positive legacy in the communities we serve, protecting the environment for the future generation and promoting a safe and inclusive workplace for our colleagues.

https://gmi.co.uk/