NuGen Properties

Conway reduces debt

FM Conway doing what it does [photo from]

In the year to 31st March 2023, FM Conway Limited made a pre-tax profit of £15.5m (2022: £17.2m) on turnover up 12% at £535.3m (2022: £478.1m).

The company generated £30.7m of operating cash flows in the year, a £1.6m improvement on the previous year, and reduced net debt from £52.6m to £42.2m.

Chief executive Adam Green wrote in the annual report: “Despite the economic challenges businesses faced, our annual turnover grew to £535m (2022: £478m). Part of the year-on-year increase was due to the impact of inflation, however growth was also achieved as a result of new work on contracts such as the prestigious five-year highway construction and maintenance contract with the City of London Corporation.

“The rate of increase in costs (diesel, energy and materials in particular) was unprecedented in the first half of the year, slowing thereafter. These increase were mitigated through additional activity, increased sales prices and active cost management through substitute materials. This meant the group made continued progress towards delivery of its strategic targets, having achieved an operating profit (before goodwill and amortisation and other operating income) of £29.8m (2022: £29.6m).”

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Dan Morten 18/01/22

Easy to work with, Jordan and the team were professional and were easy to communicate with.
Would highly recommend.

Di Hayes 20/08/22

NuGen Properties built an extension to the rear of my property, replacing the old conservatory. I am so pleased I chose this company. From the initial quotation, through the build and after they were professional, polite & well mannered. They kept the site tidy throughout the build and kept me informed of each stage as it happened. The work was finished to a good standard and I have had nothing but compliments on their work. I am already planning for them to come back and do some more work for me in a few months. I would 100% recommend them.

Bradley Eyles 20/06/23

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