In the year to 31st March 2022 Triton Construction turned over £62.8m, compared to £27.7m in 2021 and £32.4m in pre-covid fiscal 2020. Back in the year to March 2019 Triton was turning over £56m. It has now overtaken that peak.
Pre-tax profit in the past year reached £956,000.
Chairman Mike Parkinson wrote in the annual report: “It is pleasing to report that the business has made significant progress throughout the year following what has been one of the most difficult trading conditions during the pandemic. The pent up demand, combined with the continued expansion of the distribution and warehousing market, have provided good opportunities to recover our market share. We have worked hared to return the business to the levels of trading experienced prior to covid and have secured an excellent forward order book. Clearly, we still face challenges in terms of inflation pressures on construction materials and these will continue throughout the coming year. Despite the predictions of sluggish economic growth in the UK, we remain cautiously optimistic for the coming year. We continue to focus on securing good quality work in a variety of sectors with blue chip clients whilst avoiding high risk work and we are confident of achieving turnover of around £90m in the coming year.”
Triton was sold to an employee ownership trust (EOT) at the end of September 2020. [See previous report here.] A £1.1m dividend was paid out to the former shareholders this year, towards payment for their former shares. The employees shared 5% of the pre-tax profits – a pot of approximately £48,000 – as an EOT bonus in their June salaries.
“Whilst profit levels appear to be suppressed due to the impact of material inflation, it is pleasing that our staff have experienced the benefits of being employee owned, with ownership profit bonuses being distributed for the first time,” Mr Parkinson said.