Eric Wright announces seven-figure profits jump

The positive results come despite an overall decrease in turnover, down from £204.6m to £163.9m.

However, gross profit increased from £17.3m to £20.5m which management says was driven by a careful selection of projects, focused risk management within the group’s contracting businesses and the continued growth of its residential business.

Eric Wright’s investment property portfolio continued to generate stable net income returns and has grown in value year on year to £84.1m, up from £75.9m in 2020, including acquisitions in the year of £3.2m.

Gill Chadwick, group finance director, said: “The group benefits from the commercial strength provided by the diversity of its principal activities. Whilst global economic factors continue to create obstacles, the stability afforded by this breadth of activity, together with the strong performance of our investment property portfolio, provides the group with resilience and confidence, and ensures we are well positioned to capitalise on future opportunities. The outlook for 2022 is extremely positive with the business well placed to generate sustainable, profitable growth.”

Jeremy Hartley, group managing director (pictured), added: "The group remains focused on mitigating issues around pricing strategies and meeting the current unprecedented inflationary pressures as successfully as possible. We aim to ensure that we do not take on any undue risk and continue to carefully consider and evaluate the deliverability of every new project.

"The resilience of our business and talent and commitment of our people has again provided us with stability during another challenging and uncertain year and we are very proud to be able to report positive results once again.”