JRL Group, a diverse mix of companies including J Reddington, McMullen Facades and London Tower Cranes, increased turnover by 7% in 2021 to £609m (2020: £569m). However, this was still slightly down on the record year of 2019 when, in the year before covid emerged, it turned over £622m.
Pre-tax profits fell 4% in 2021 to £24.9m (2020: £26.0m).
The group went from having a net debt of £500,000 to a net cash position of £35.8m in 2021. Cash in the bank also improved during the year from £112.2m to £117, 0 million pounds sterling.
“The group’s overall performance in 2021 demonstrated impressive resilience given the business challenges of the pandemic,” said founding director John Reddington.
J Reddington, the foundation and concrete structures contractor, made a pre-tax profit of £800,000 on revenue of £316.1m, compared with £8.3m and £253.1m. sterling respectively in 2020. The profit decline was attributed to cost inflation pressures.
Midgard Ltd, the general contracting firm, made a pre-tax profit of £14.5m on revenue of £456.8m in 2021. In 2020 it made £6.4m on a turnover of 403.9 million pounds sterling.
Midgard Public Sector Ltd saw its revenue decline from £28.1m in 2020 to just £3.0m in 2021, going from a profit of £2.1m to a pre-tax loss of £400,000 in 2021.
Ark Mechanical & Electrical Services saw revenue increase to £104.7m, up from £74.1m in 2020, and generated a pre-tax profit of £12.1m (2020). : £6.2 million).
JRL Drylining made a pre-tax profit of £3.6m in 2021 on revenue of £21.6m, compared to a loss of £1.9m in 2020 on revenue of £19. 5 million pounds sterling.
London Tower Crane Hire & Sales turnover was relatively flat at £37.7m (2020: £38.0m), but profit fell to £7.2m before tax, compared with £9.7m million in 2020.
McMullen Facades’ income increased from £53.8m in 2020 to £65.2m in 2021, but its pre-tax loss increased from £1.9m to £6.8m.
UK Facades also posted a loss: £6.6m before tax in 2021, compared with a profit of £600,000 in 2020. Revenue fell from £52.7m to £18.7m sterling.
JRL Civil Engineering lost £200,000 before tax in 2021 on revenue of £9.1m. In 2020 he lost £300,000 on revenue of £9.8m.
Slipstructures made a marginal profit, while scaffolding arm JRL Access lost £500,000 in 2021. Each turned over around £6m.
JRL Demolition had a busier 2021, generating revenue of £8m (2020: £2m) and a pre-tax profit of £600,000 (2020: £200,000 loss).