For the year to 31st December 2019, JRL Group saw its revenue grow 15% to £621.9m (2018: £539.2m), while pre-tax was up nearly 10% to £3.5m (2018: £30.6m).
The group began life as J Reddington Ltd in 1996 as a groundworks and concrete frame specialist contractor. It has since expanded its offerings with numerous niche subsidiaries.
The original business, J Reddington Ltd, contributed revenue of £283.2m in 2019 to the group and made a pre-tax profit of £15.0m, compared to £245.8m and £7.3m respectively in 2018.
Midgard, a main contracting business, saw its turnover grow from £299m in 2018 to £308m in 2019. Its pre-tax profit rose from £13.9m to £19.1m.
Midgard Public Sector, formed in 2017, generated £32m in just its second full year of trading and made apre-tax profit of £300,000.
The highly profitable London Tower Cranes Hire & Sales business made a pre-tax profit of £9.9m on £42.2m revenue, which was similar to 2018’s £9.8m pre-tax profit on £40.0m revenue.
Other parts of the business were more solid than spectacular.
JRL Plant & Logistics reported a profit before tax of £700,000 on revenue of £54.3m, compared to £900,000 and £47.6m in 2018.
Thames Reinforcements’ revenue dipped a little in 2019, from £54m in 2018 to £51.5m. Profit before tax was £1.2m, compared to £1.9m the previous year.
Ark Mechanical & Electrical Services made £100,000 on £44.1m revenue in 2019, compared to £300,000 profit before tax on £42.9m revenue the previous year.
JRL Drylining, which started trading in 2014, had a busy year, making a pre-tax profit of £1.8m on £23.8m revenue in 2019, compared to £600,000 on £10.9m in 2018.
UK Facades made a pre-tax loss of £400,00 on revenue of £45m, compared to a loss of £2.5m on revenue of £21.5m in 2018.
JRL Civil Engineering, which started trading in 2015, made a loss of £1.4m on revenue of £13.1m in 2019, compared with a pre-tax profit of £200,000 on revenue of £17.9m the previous year.
Chairman John Reddington said: “The group has delivered a strong set of results for the year with increased turnover and sustained profitability. Our order book is solid and the balance sheet continues to grow to support the business.
“Our integrated Tier 1 offering continues to be well received in the market where our clients appreciate our hands on approach and unrelenting focus on quality. Self-delivery is central to our business, where we strive to deliver a complete construction solution.
“Our clients benefit from early engagement and the flexibility to progressively engage the group starting with the enabling works, through the shell and core packages and full turnkey if required. By reducing reliance on external subcontractors for critical packages, our approach reduces risk to programme and provides increased cost certainty.”