Water contracts have boosted revenue and profits at a Midlands infrastructure specialist.
Barhale Holdings revealed frameworks for water firms had helped lift revenue up to £176.6m from £133m in 2023.
The statement for the full year to June 2024, also revealed the pre-tax profit had doubled to £8.4m from £4.2m in the year before.
Cash and cash equivalents reached £24.2m compared to £3.9m for 2023.
Barhale Holdings, based in the West Midlands, specialises in water, transport, built environment and energy work.
It forecast that the performance was expected to continue because of “a high volume of works still left to complete during the current AMP phase of our various water frameworks”.
Another factor in the positive results was that the price of steel and aggregate prices had stabilised, the firm said.
The firm’s results, published on 16 December, also revealed the average headcount was 1,143, up from 847 in 2023.
A dividend of £1,506 on ordinary shares is being paid out.
Recent projects have included phase one of the Victoria station trunk main replacement for Thames Water.
The firm’s reservoir trunk main job in Derbyshire and Leicestershire for Severn Trent Water is due to complete in early 2025.
Looking ahead, its statement said the firm is well-positioned for future work has it has won extensions on most of the current frameworks it is working on.
The update predicted a “smooth transition into the following Asset Management Plan (AMP) cycle”.
The firm said: “It is clear that the spend by water companies in AMP8 will be much greater than in AMP7 and we are well-positioned to take advantage of this. All of this provides us with a solid order book extending until 2030 and beyond.”
Future risks identified were labour rates being impacted by major projects and UK interest rates.
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Chris Smith