{"id":19422,"date":"2023-07-12T01:32:32","date_gmt":"2023-07-12T08:32:32","guid":{"rendered":"https:\/\/essential.construction\/news\/midgard-drives-jrl-growth-as-revenue-hits-761m\/"},"modified":"2023-07-12T01:32:38","modified_gmt":"2023-07-12T08:32:38","slug":"midgard-drives-jrl-growth-as-revenue-hits-761m","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/midgard-drives-jrl-growth-as-revenue-hits-761m\/","title":{"rendered":"Midgard drives JRL growth as revenue hits \u00a3761m"},"content":{"rendered":"

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The strength of the main contracting arm supported by JRL Group\u2019s in-house delivery model helped to maintain cost certainly in a volatile market.<\/p>\n

This helped to offset a more disappointing performance at the McMullen Facades operation which suffered a \u00a322m loss last year.<\/p>\n

Overall JRL group revenue for the year jumped 25% to \u00a3761m with pre-tax profit halved at \u00a313m.<\/p>\n

As a result group margin dropped from 4.4% to 1.8%.<\/p>\n

The main contracting business Midgard delivered \u00a3536m of total group revenue, generating a \u00a325m pre-tax profit, 75% up on the previous year.<\/p>\n

Midgard is now expanding outside of high rise residential and hotel projects to take on commercial projects securing its second major job last year.<\/p>\n

Chairman John Reddington said: \u201cMidgard continues to leverage the combined offering of JRL Group delivering increasingly complex and prestigious projects.<\/p>\n

\u201cIn an increasingly uncertain environment, Midgard continues to demonstrate that self delivery de-srisks the programme and provides cost certainty.<\/p>\n

\u201cWith a strong orderbook and the support of the wider group the directors look forward with confidence.\u201d<\/p>\n

But poor performing contracts and inflationary pressure at McMullen Facades saw losses deepen from \u00a36.8m in 2021 to \u00a321.8m last year as revenenue almost doubled to \u00a3128m.<\/p>\n

The civil engineering, concrete frame, drylining and scaffolding businesses also all slipped into the red during the challenging year.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
JRL Group trading firms<\/th>\n<\/tr>\n<\/thead>\n
Figures include \u00a3786m intergroup trading<\/td>\n<\/tr>\n
<\/td>\nProfit<\/span> 22: 21<\/td>\nRevenue<\/span> 22: 21<\/td>\n<\/tr>\n
Midgard<\/td>\n\u00a325.3m<\/span><\/td>\n\u00a314.5m<\/span><\/td>\n\u00a3536m<\/span><\/td>\n\u00a3457m<\/span><\/td>\n<\/tr>\n
J Reddington<\/td>\n-\u00a31.6m<\/span><\/td>\n\u00a30.8m<\/span><\/td>\n\u00a3396m<\/span><\/td>\n\u00a3316m<\/span><\/td>\n<\/tr>\n
Ark M&E Services<\/td>\n\u00a311.7m<\/span><\/td>\n\u00a312.1m<\/span><\/td>\n\u00a3115m<\/span><\/td>\n\u00a3105m<\/span><\/td>\n<\/tr>\n
McMullen Facades<\/td>\n-\u00a321.8m<\/span><\/td>\n-\u00a36.8m<\/span><\/td>\n\u00a3128m<\/span><\/td>\n\u00a365m<\/span><\/td>\n<\/tr>\n
Thames Reinforcements<\/td>\n\u00a38.6m<\/span><\/td>\n\u00a33.6m<\/span><\/td>\n\u00a398m<\/span><\/td>\n\u00a363m<\/span><\/td>\n<\/tr>\n
JRL Plant and Logistics<\/td>\n\u00a337k<\/span><\/td>\n\u00a30.2m<\/span><\/td>\n\u00a350m<\/span><\/td>\n\u00a345m<\/span><\/td>\n<\/tr>\n
London Tower Crane<\/td>\n\u00a34.7m<\/span><\/td>\n\u00a37.2m<\/span><\/td>\n\u00a340m<\/span><\/td>\n\u00a338m<\/span><\/td>\n<\/tr>\n
JRL Drylining<\/td>\n-\u00a30.3m<\/span><\/td>\n\u00a33.6m<\/span><\/td>\n\u00a327m<\/span><\/td>\n\u00a322m<\/span><\/td>\n<\/tr>\n
JRL Environmental<\/td>\n\u00a30.4m<\/span><\/td>\n\u00a318k<\/span><\/td>\n\u00a319m<\/span><\/td>\n\u00a316m<\/span><\/td>\n<\/tr>\n
JRL Civil Engineering<\/td>\n-\u00a32.3m<\/span><\/td>\n-\u00a30.2m<\/span><\/td>\n\u00a312m<\/span><\/td>\n\u00a39m<\/span><\/td>\n<\/tr>\n
Slipstructures<\/td>\n-\u00a30.7m<\/span><\/td>\n\u00a320k<\/span><\/td>\n\u00a39m<\/span><\/td>\n\u00a36m<\/span><\/td>\n<\/tr>\n
JRL Demolition<\/td>\n\u00a30.2m<\/span><\/td>\n\u00a30.6m<\/span><\/td>\n\u00a35m<\/span><\/td>\n\u00a38m<\/span><\/td>\n<\/tr>\n
JRL Access<\/td>\n-\u00a30.3m<\/span><\/td>\n\u2013<\/span>\u00a30.5m<\/span><\/span><\/td>\n\u00a39m<\/span><\/td>\n\u00a36m<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/p>\n<\/p><\/div>\n