Civil engineering specialist faces £21m loss
Midlands groundworks and civil engineering specialist M&J Evans reported a loss last year, which the firm attributed to a slowdown in house building.
The housing groundworks contractor’s holding group saw revenue drop by about 25% to £334m.
It caused operational inefficiencies, and along with high market inflation, led to trading losses of £2.7m for the year ending December 2023, compared to an operating profit of £22.6m the previous year.
After accounting for interest payments on loans and finance costs of around £18m, pre-tax losses plummeted to £21m, a contrast to the £5.2m profit recorded in the previous 13-month period ending in 2022.
The Walsall-based company, which acquired Swindon-based Flynn Group in 2021, also saw a reduction in its workforce by over 90 employees, bringing the headcount down to 426.
