Leading construction and fit-out company Gilbert-Ash has just announced its results for 2020. The company credits its strong performing team, the continued trust of its clients and the success of its sector diversification strategy as key to the growth with profits doubling in 2020 to £10.9 million from £5.6 million in 2019.
This was along with an increase in turnover to £176.2 million, up by 8% from £163 million the previous year. The results reflect strong sector growth for Gilbert-Ash over the twelve months as well as the completion of a broad portfolio of successful construction projects across a growing range of sectors including arts and culture, workplace, hotels and leisure and education.
Commenting on what was a record year for Gilbert-Ash with the highest profit in the company’s history and second highest turnover, Managing Director, Ray Hutchinson said: “These strong financial results are testament to the outstanding work of our people and the trust and continued support of our clients and supply chain partners.
“In what was an incredibly challenging year for all, we are proud to have continued to maintain both healthy turnover and profit-levels and to be in a position to support the people who work for us. Coupled with a healthy pipeline, this puts us on a strong track for the future.”
The company paid an exceptional dividend of £9 million this year, reflecting its achievements in becoming a more profitable company over the last five years, strengthening its balance sheet while realising its diversification strategy. Gilbert-Ash also officially opened its new £5 million headquarters at Boucher Place in Belfast in June 2020.
“We have made great progress in implementing our five-year strategy, the effects of which are now becoming visible. Gilbert-Ash’s ‘As One’ ethos ensures a culture of respect and togetherness, which underpins our relationships with our colleagues and clients through to our supply chain network and wider public,” added Ray Hutchinson.
Projects completed in 2020 included the prestigious £24m Royal College of Music project in London, the £26m Premier Inn in Shoreditch, London, the £18m St Edward’s School Quad Development in Oxford, the £42m Canterbury Christ Church University Building in Kent and the £12m Central Foundation Boys School project in London.
“The highly demanding situation with the coronavirus did not deter us from pushing forward with our client projects while prioritising the health and safety of our team and supply chain partners. I am very proud of our entire team – we really showed our mettle and resilience this last year as well as strength of our relationships with clients,” Ray continued.
All staff received a bonus to reflect their performance and commitment in 2020. Last June, Gilbert-Ash joined a small number of UK businesses to reach Investors in People Gold Accreditation with assessors highlighting the commitment from the top of the company to develop and embed its ‘As One’ culture.
The Gilbert-Ash Board also reaffirmed a healthy forecast for 2021, envisaging sales growth across all sectors.