The contracting arm of regeneration specialist Mount Anvil saw reduced profit and turnover in 2023, although it spent much less on remediation work.
Mount Anvil Ltd’s turnover fell by 14 per cent, from £167.5m to £144.2m, in the 2023 calendar year. Pre-tax profit dipped by 52 per cent, from £2.5m to £3.8m.
The firm returned almost exactly to its 2021 financial position, when it posted £144.6m turnover and £2.5m pre-tax profit.
Mount Anvil Ltd is a subsidiary of developer-builder Mount Anvil, which delivers high-value, residential-led regeneration projects in London. Major schemes that it worked on within the year include the £460m Verdean in Acton, west London and £184m Silk District in Whitechapel, east London.
In the accounts, director Alastair Agnew said the contracting arm was affected by changes within the property market, although he added that adequate controls were in place. He also pointed to a strong order book for the year ahead.
Mount Anvil recorded £14.8m cash at bank and in hand. Agnew added that Mount Anvil’s cash positioned remained “healthy and stable” since the end of the reporting period.
The firm made provisions of £1.5m to remediate legacy schemes in 2023, significantly less than the £5.7m it set aside the year before.
Agnew added that the firm “continues to manage risk” around rectifying legacy projects.
The contractor had an average of 210 employees throughout the year, split almost equally between site-based and administrative staff.
Mount Anvil dropped eight places to rank 92nd in this year’s CN100 annual table of top UK contractors.
