CHAP back in profit as turnover soars
Construction firm CHAP Group has reported like-for-like annual turnover increase by 21% to £45.7 million for the financial year to 30 September 2022.
The Westhill-based firm recorded a pre-tax profit of £152,000 versus a loss in the preceding period of £705,000.
CHAP’s net assets rose to £10.6m from £9.1m in the prior year. The firm’s cash position also improved by £3.3m in the year, to £2.9m at year end.
Hugh Craigie, CHAP’s managing director, said: “We are delighted to see the Group return to profit after three challenging, covid-affected, years.
“Year-on-year turnover growth is early evidence of our strategic plan beginning to pay dividends. A key component of our strategic plans was for the company to strengthen the board and senior management team.
“Accordingly, several prominent appointments have been made over the past 18 months and it is great to see the positive impact these new team members are already having on company performance but also on the enthusiasm levels within the office and on the sites.”
CHAP recently announced the appointment of Derek Shewan as non-executive director and Richard Stott as their new civils director.
Mr Shewan and Mr Stott follow other relatively new Board appointments Fraser Taylor, Operations Director, who joined in August 2021 and Andy McNair, Preconstruction Director, who joined in February 2022.
Mr Craigie added: “Through the new Board and senior management appointments, CHAP is now extremely well placed to develop our service offering and geographical reach.
“I am excited about the path we are on and look forward to seeing our plans continue to come to fruition.”
Material availability and cost inflation continue to cause issues for CHAP and its customers, with tenders commonly going over budget. CHAP said it is however well placed, with its strong supply chain relationships, to offer innovative value-engineering solutions to mitigate price inflation.