NuGen Properties

Gilbert-Ash profits reduce by two thirds


Managing director Ray Hutchinson

Gilbert-Ash Holdings made a pre-tax profit of £4.7m in 2022, down from £12.4m in 2021, on turnover of £263.2m (2021: £219.3m).

The 2022 results came on the back of record results in 2021.

Managing director Ray Hutchinson cited inflationary pressures and economic headwinds – the cost of sales was up 26% – but he described the results as “a strong performance” and said that the group maintains “a robust financial position” with net assets of £25.5m (2021: £24.6m).

Among Gilbert-Ash’s current projects is the £38m redevelopment of Theatr Clwyd in Mold, North Wales.

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