Forth Holdings has boosted its turnover and profit.
The Scottish construction support firm posted income of £265.4m for the 12 months to 31 August 2024, up 14 per cent on the year before.
It also recorded a pre-tax profit on ordinary activities of £20.9m, up from £13.6m. The company’s pre-tax profit margin grew from 5.1 per cent in the previous year to 7.9 per cent this time around.
The firm’s directors hailed a “strong financial performance”, achieved despite “many challenges and disruption”.
They said the outlook at Forth remained “positive”, citing a pipeline of work worth in excess of £1.5bn, along with more than £1bn of “known opportunities through to 2028”.
“We have never monitored as many quality future opportunities,” the firm added in a report accompanying the results.
The directors stated that Forth, which is based in Stirling, had a “solid financial foundation”, including net assets of £53.7m and a cash balance of £31.6m.
“Our healthy order book, strong balance sheet, stable long-term workforce and experience has helped us successfully navigate previous economic challenges, and provides the board with confidence that the group will continue to prosper in the future,” said chairman Paul Lowe.
The firm’s Support Services division boosted turnover by 17 per cent in the latest year to almost £130m. Forth also received more than £138m from facilities management during the period.
Its headcount grew from an average of 1,620 people in 2023 to 1,698 in 2024, according to the report. Staff costs rose from £69.1m to £77.8m.
The highest-paid director received just over £1m, up from £963,000 the previous year, while the average staff wage rose from £36,041 to £40,410.
Forth said training and development was its top priority, carried out at its purpose-built academy in Stirling.
The company was placed 71st in the latest CN100 ranking of the UK’s biggest construction firms. Its latest figures would have placed it 64th in the table.
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Greg Pitcher