Despite economic headwinds demolition and regeneration specialist John F Hunt grew revenue by nearly 50% last year and has now nearly doubled in size over the last two years.
Group revenue hit £157m delivering a 72% uplift in profit to £9.5m in the year to March 2023.
Profit growth was driven by the regeneration and remediation arm of the group, which doubled in size last year with revenue of nearly £80m and operating profit up to £6m.
Inflationary pressures from both increases in concrete and steel were a drag on profits at the main demolition operation which remained flat at £1.6m from revenue ahead 15% at £67m.
Founder and chairman, John Hall, who established John F Hunt Group in 1982, said: “I am exceptionally happy with the contracting group’s performance over the year, especially in the light of the soaring inflation, which, like so many other companies in our sector seriously impacted the bottom line of our construction business.”
Hall’s other separate generator rental business, John F Hunt Power Group, also delivered a strong performance boosted by the acquisition of Shrewsbury-based Morris Machinery in August 2022.
Revenue rose 50% to £47m, generating a pre-tax profit of nearly £6m.
Hall added: “With turnover hitting £50m, John F Hunt Power Group also performed well, with our investment in telemetry and road tankers, facilitating our move into establishing a national fuel management service.
“Looking into the future and with knowledge of our recent contract successes, I can see no reason why the combined businesses should not now continue to achieve turnover well in excess of £200m, while maintaining the strong margins achieved this year.
“Considering we have now put our legacy issues well behind us, I also am delighted to see that we have finished the year with combined net assets of £59.5m and a record cash balance of £38m.
“As they say, there is no such thing as standing still.”