Trading profits up at Eric Wright for fifth year

Bamber Bridge-based Eric Wright Group has recorded a fifth consecutive year of revenue and trading profit growth.

The group's 2022 financial results showed an increase in underlying trading profit, which doesn't take into account the revaluation of its investment properties, increased to £11.9m from £10.2m in the previous year. Turnover increased from £163.9m to £168m.

The figures were bolstered by a return to profitability for Eric Wright Construction, and the disposal of Artis Park, Winsford Industrial Estate, a joint venture development which generated a net income of £3.8m.

However, wider economic conditions and lack of market-based transactions during the year resulted in a revaluation deficit of £4.8m for its investment properties.

This consequently impacted the overall profit before tax, reducing it to £7m from £15.1m reported in the prior year when the revaluation gain totalled £5m.

Over the year, employee count increased from 691 to 784. The group also made support payments in excess of £800,000 to help its people during the cost-of-living crisis.

Gill Chadwick, group finance director, commented: “These financial figures represent the steady progress made and continued strength and resilience shown across the Group as we trade out of the Covid era.

"We have seen a significant £11.7m increase on our balance sheet to £90.6m, which is the stable base from which we will continue to build. 

“The group has performed well and we are especially pleased to see the construction business back in profit.”