A concrete structures specialist has recorded a jump in profit and turnover, despite citing the impact of inflation.
MPB Structures, based in Northamptonshire, penned a pre-tax profit of £4.7m in the year to 30 September 2023, up on the £3.9m it made in the previous 12 months, newly published accounts show.
This was despite a set of “unprecedented challenges” prompted by the high inflation that hit the industry during the period in question, it said.
The firm pointed to the full-scale Russian invasion of Ukraine in February 2022, which pushed up the price of materials, particularly steel reinforcement.
MPB Structures also absorbed a “significant increase in construction insurance rates”, which it said was caused by cladding-related claims in other parts of the sector.
The company works mainly in concrete-frame construction for commercial, student and residential developments, as well as infrastructure.
It touted “increased contract starts” for an uptick in turnover, from £99m to £112m.
“The breadth of work undertaken, client base and the directors’ assessment of business risk have seen the company’s turnover improve on 2022, as the market recovers from the impact of Covid,” the firm added.
It pointed to a “broad spread and sector diversity” of work across London, Birmingham, Manchester and Leeds, and in the commercial, residential, educational and infrastructure sectors. “[That] means that the business’ susceptibility to sudden and significant risks [is] reduced,” MPB said.
The firm landed work on projects including HS2 during the period. The latter, for the Balfour Beatty / Vinci joint venture, was worth £16m, and saw it deliver reinforced concrete for 1km of the rail line in Saltley, Birmingham, including three bridge structures.
It also scored major enabling works with developer Berkeley Group, as well as contractors Winvic and Sir Robert McAlpine.
Cash at the firm increased from £2.5m to £3.1m.
