John F Hunt returns to profit after providing for CMA action

John F Hunt carries out remediation work as well as demolition

John F Hunt was one of 10 demolition contractors provisionally found guilty of collusion and bid rigging by the Competition & Markets Authority (CMA).

John F Hunt Group wrote down a £5.6m exceptional item in its accounts for the year to 31st March 2021 to cover the cost of the CMA probe and an expected fine. That resulted in it posting a £2.2m loss before tax that year on £81m turnover.

However, for the following year, to 31st March 2022, unaudited accounts show that it bounced back to £5.6m pre-tax profit on turnover up 33% to £108m.

With sister company John F Hunt Power Group making a £5m pre-tax profit (up from £4m) on £31m turnover (up from £22.8m),  cash at bank stood at £23m at year end.

The net asset value of the group at end of March 2022 is £47m, £30m within John F Hunt Group Ltd and £17m for John F Hunt Power Ltd.

For the current year, to March 2023, the combined revenues of John F Hunt Group Ltd and John F Hunt Power Ltd is anticipated to rise from £140m to £190m, with a profit of £13.2m.

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