Profit before tax doubles for Eric Wright Group in latest results

Eric Wright Group has revealed its financial results for 2024 and pre-tax profits for the Bamber Bridge based construction firm have more than doubled compared to the previous year.

The figures show it rose to £13.6m compared to £5.9m.

Turnover has also risen to £291.8m up from £232.3m as the group’s pipeline of projects continues to increase within its contracting businesses including construction, water and civil engineering. 

 The group’s strong performance is underpinned by long-term strategic initiatives for continued measured growth, effective risk management, increased investment in people and systems, and heightened market responsiveness.

The result is an eight per cent increase in gross profit to £24.4m compared to £19.9m in 2023.

Although improvements have been seen in the economic landscape and ongoing challenges continue to be successfully navigated, these undoubtedly continue to impact some areas of trading and investment decisions.

The diversity of the group’s core activities across eight individual business areas, and the stability offered by prudent cash management, continue to support its progress and resilience. 

The group’s investment property portfolio delivered a revaluation gain of £850,000, underpinned by stable yields, proactive lettings management, and the continued minimisation of void space. 

These assets continue to sustain the company’s balance sheet strength and provide secure collateral to fund its future development aspirations. 

The group’s contracting businesses delivered strong performances during the year, each generating encouraging levels of profit.

In particular, the Water division continued to benefit from sustained turnover growth, supported by the widely recognised increase in investment across the sector. 

Beyond financial results, the group remains committed to creating positive community impact, expanding apprenticeships and workplace opportunities and embedding social value at the heart of its projects. 

Owned by the Eric Wright Charitable Trust, the group donated £3.6m in the year to help fund the Trust’s work in local communities.

Initiatives include the continued support of the Water Park Lakeland Adventure Centre, the Eric Wright Learning Foundation and a broad range of charities, primarily in the North West of England, with particular emphasis on youth development; education and training; elderly care; health and mental health support, as well as child and family services.

Speaking about the 2024 performance, Jeremy Hartley, Eric Wright Group chief executive officer, said: “Delivering yet another year of strong results  demonstrates the significant progress all our teams across the group have continued to make.

"They are a testament to the success of our overarching corporate strategy, which aligns the objectives of our individual divisions to support the group in achieving sustainable, recurring profits and resilient financial stability. 

 “Central to this strategy is the pursuit of long-term, measured growth through the reinvestment of our trading profits, supported by appropriate external funding.

"A good example of this is the launch of our new care homes business, Wrightcare , beginning with Castlewood in Clitheroe, which is set to open in Autumn 2025.”

Gill Chadwick, chief financial officer for the Eric Wright Group, added: “The group enters 2025 with a robust work bank, strong liquidity and growing momentum across many divisions.

"We’ve continued to invest in our team with a focus on developing an increasingly sophisticated approach to how we secure contracts, and we remain well placed to deliver long-term success.”