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Belfast-headquartered contractor Gilbert-Ash Limited saw its turnover for the year to 31^st December 2024 decline by 10% to £235.7m (2023: 262.8m) but pre-tax profits more than doubled to £4.6m.

It was a welcome return to profit growth after several years of disappearing profits – from £12.0m before tax in 2021, to £4.2m in 2022, to £1.9m in 2023.

Gilbert-Ash Holdings, which includes operations in the Republic of Ireland as well as the UK, reported a pre-tax profit of £6.8m (2023: £1.5m) on turnover of more than £268m

“Profits are in line with expectations and reflect the continued hard work and resilience of our people,” said managing director Ray Hutchinson in the latest annual report.

“Gilbert-Ash Limited continues to build a portfolio of successful construction projects across a growing range of sectors, including education, arts and culture, hotels and leisure, and workplace, with a number of highly prestigious project wins and completions achieve in 2024.”

Interim dividends of £2.7m were paid out of the business (2023: £232,000).

During the year the company was sold to an employee ownership trust, representing the 187 staff. [See previous report here]

Projects completed in 2024 include the £24m Loveday Dementia Care Facility in London’s Belgravia and the 369-bedroom, £38m Premier Inn Paddington also in the capital.  In Manchester the company completed the £29m CAT A office refurbishment at Great Bridgewater Street while at Brighton College Gilbert-Ash delivered a new performing arts centre valued at £24m.

This year the company is benefitting from an order book with several high-profile projects under way. Gilbert-Ash has been appointed to carry out phase one works at US healthcare technology company Epic’s new campus project in north Somerset. And the company has also been appointed to carry out a major refurbishment of RIBA’s Grade II listed London headquarters.

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