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In the year ended 31st August 2024, the run up to its private equity sell-out, Fox Brothers Group saw operating profit increase to £9.6m (29023: £6.9m) on turnover down 5% at £94.0m (2023: £99.0m).
The improved profitability was attributed to improved utilisation.
During the financial year a refinancing and restructuring took place to prepare for the sale to Stellex Capital Management. That sale took place in September 2024. With £9.4m payable in interest and £2.5m in exceptional finance costs, the final result was a pre-tax loss of £2.98m (2023: £708,000 profit).
In October 2024 Fox Brothers Group changed its name to PRF Group, the initials of chief executive Paul Robert Fox, who remains a shareholder in the new structure.
The principal activities of PRF, as the group is now called, are transport, bulk excavation, earthworks and site preparation, aggregate/concrete supply, quarry and waste management, and plant hire. It has more than 270 wagons and 1,000 machines with an average of less than four years.
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