Overseas job boosts J Coffey’s revenue and profit

J Coffey has reported substantial increases in profit and turnover in its latest full-year accounts.

The Middlesex-based contractor saw its revenue rise by 26 per cent to £215.7m in the 12 months to 30 September 2023.

Pre-tax profit increased by 40 per cent to £6.4m for the same period.

J Coffey said it had secured a “large overseas project” that boosted its revenue last year. The firm’s “core business turnover” had “remained stable” it added.

Directors said the rising cost of labour and materials led to “some projects delivering a lower-than-expected margin”.

But the firm’s order book and work pipeline “remain strong” they added.

“To ensure the business has a diversified and secure revenue generation, over the past year we have prioritised the growth of the infrastructure, data centre and structural alterations elements,” said the directors.

“While we continue to trade on our time-honoured values, we are also very aware of the importance of investment in innovative technologies, recurrent training and development of our people, and innovative approach to our construction techniques.”

J Coffey’s UK and Ireland revenue rose by almost a third last year to £189.0m.

Its European turnover plummeted by 92 per cent to £2.1m but income from the rest of the world soared from under £1m in 2022 to £24.6m in the latest period.

Despite the growth in revenue and profit, the company’s average headcount dropped from 282 to 262 last year. Nonetheless employee expenses rose by almost a quarter to £36.1m.

The contractor had £13.2m of net current assets in September 2023, up from £9.8m a year earlier.

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