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Lee Marley Return to Profit

Lee Marley Brickwork Ltd returned to profitability last year on the back of record turnover, its latest accounts have revealed.

The Berkshire-based masonry and scaffolding business posted pre-tax profit of £2.8m for the year ending 31 December 2023.

This represented a turnaround from its £2.2m loss in the 2022 calendar year, and it was also the company’s highest pre-tax profit since 2017.

Turnover also rose from £65.6m in 2022 to an all-time high of £79.8m in the latest year.

Lee Marley said it had its highest-ever order book of £114m at the beginning of 2024.

“Our core market has remained strong with most large-scale developments underpinned by growing investment in affordable housing and institutional investment in rental homes,” its directors said.

The firm said both its brickwork and scaffolding divisions grew in 2023, “driven by the strength of our longstanding relationships with clients, the quality of our services and our extensive experience”.

It added that training was “at the heart of the business” and pointed to the opening of the Lee Marley Academy in partnership with London South Bank Technical College. The contractor employed more than 80 apprentices at the start of this year and has been recognised by the Department for Education for its work in this area.

The company’s overall headcount grew by 17 per cent last year to an average of 211 people.

Wages and other staff costs increased by 20 per cent to £9.2m, and it paid out £553,500 in dividends compared with £546,000 in 2022.

Lee Marley reduced its long-term bank loan debt from £393,792 to £250,221, although short-term loans repayable within 12 months increased from £5m to £6.3m.

Lee Marley last year blamed exceptional material and wage inflation for its losses in 2022, and noted underperformance on a handful of contracts in its Scottish and Midlands businesses.

 

Source: Construction News

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