{"id":618047,"date":"2023-03-13T07:40:00","date_gmt":"2023-03-13T12:40:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/13\/profit-slips-at-story-contracting-as-inflation-bites\/"},"modified":"2023-03-13T07:40:00","modified_gmt":"2023-03-13T12:40:00","slug":"profit-slips-at-story-contracting-as-inflation-bites","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/13\/profit-slips-at-story-contracting-as-inflation-bites\/","title":{"rendered":"Profit slips at Story Contracting as inflation bites"},"content":{"rendered":"
\n

\"Plymouth <\/p>\n

\n

Story Contracting has blamed a fall in profit on soaring inflation and problems in its supply chain.<\/span><\/p>\n

The rail specialist penned a pre-tax profit of \u00a39m for the year ending 31 March 2022, compared with \u00a311.3m the previous year. This was despite turnover rising from \u00a3156m to \u00a3177m.<\/span><\/p>\n

High inflation and global supply chain struggles meant the firm \u201cbegan to suffer\u201d towards the end of the financial year, according to the group\u2019s board.<\/span><\/p>\n

Despite a strong start, the 12 months to March 2022 had been \u201ca challenging year for the business\u201d, Story added in a strategic report accompanying its accounts.<\/span><\/p>\n

The firm has strived to diversify its business to make it \u201cmore resilient to [fluctuating] rail spend\u201d in the future, and remains focused on work in the rail sector, it said.<\/span><\/p>\n

As part of the diversification effort, the business split its plant division from its parent company and moved it to Story Plant Ltd, its more plant-focused arm. Splitting them would give Story Plant and Story Contracting \u201cgreater strategic focus\u201d, the\u00a0board said.<\/span><\/p>\n

Despite the difficulties, Story Contacting saw its revenue jump 14 per cent on the back of \u201cincreased volumes\u201d of work from Network Rail in England and several large projects in Scotland.<\/span><\/p>\n

Rising inflation, \u201cpotential funding restrictions\u201d and rail-sector strikes are all expected to restrict Story\u2019s margin in its current financial year, which ends at the end of March.<\/span><\/p>\n

Although the strikes, which started in June 2022, \u201cdidn\u2019t have a direct impact on the business\u201d, they have caused projects to be delayed \u201cdue to uncertainties and other priorities within Network Rail\u201d.<\/span><\/p>\n

However, the company added that it was expecting to report a turnover of more than \u00a3210m for 2022\/23, given the progress made in diversifying the business.<\/span><\/p>\n

Next month, Story\u2019s long-time chief executive, Jason Butterworth, will step down to be replaced by Andy Joy, who <\/span>joined the business from Amey in November 2021<\/span><\/a>.<\/span><\/p>\n<\/p><\/div>\n

Related articles<\/h3>\n<\/p><\/div>\n

Read More<\/a>
\n Joshua Stein<\/p>\n","protected":false},"excerpt":{"rendered":"

Story Contracting has blamed a fall in profit on soaring inflation and problems in its supply chain. The rail specialist penned a pre-tax profit of \u00a39m for the year ending 31 March 2022, compared with \u00a311.3m the previous year. This was despite turnover rising from \u00a3156m to \u00a3177m. High inflation and global supply chain struggles […]<\/p>\n","protected":false},"author":1,"featured_media":618048,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[534,23002,28514],"tags":[],"class_list":{"0":"post-618047","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-financial","8":"category-profit","9":"category-slips"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/618047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=618047"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/618047\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/618048"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=618047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=618047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=618047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}