Company points to strong team performance, healthy pipeline and diverse project base as drivers of increased growth
October 6, 2022: Leading construction and fit-out company Gilbert-Ash today announced its results for 2021 with turnover increasing by 24% and pre-tax profits up by 13% on the previous year.
Turnover increased to almost £219.3m from just under £176.2 an increase of £43.1m while profits rose to over £12.4m up almost £1.5m from £10.9m in 2020.
The results represent further growth for the award-winning company, which in 2020 posted the highest profit and second highest turnover in its history.
Gilbert-Ash credits its continued investment in its strong performing team, a diverse project base and a healthy pipeline of work as the key drivers of the company’s success. The company continues to work across a broad range of sectors including arts and culture, workplace, hotels and leisure and education.
Managing Director Ray Hutchinson paid tribute to the outstanding work of Gilbert-Ash’s people and the support from the company’s clients and supply chain partners.
He said: “This has been a challenging year for the industry with the skilled labour shortage, long lead times for key materials, the pandemic and the impact of rising inflation all combining to create strong headwinds.
“We are proud to have maintained our momentum from the previous year with increased turnover and profits and we look to the future with confidence. Our teams have really shown their mettle and resilience and I am proud of everything we have achieved in 2021.
“Investment in our people remains a core priority of the business and in 2021 our employee headcount rose from 174 to 189.
“As we expand, we continue to search for the right calibre of people to join Gilbert-Ash, while investing in our staff and championing diversity and inclusion remain key priorities.”
Projects completed in 2021 included the £29m University of Brighton Business School, the historic £15m City of London Freemen’s School Main House, the £16m Moxy Manchester City by Marriott, the £21m Levine Building at Trinity College, Oxford and Canalside, a £31m mixed-use residential scheme in Surrey.
While in Belfast Gilbert-Ash completed the landmark Merchant Square building for PwC, a £15million project which created 200,000 sq ft of Grade A office space over nine floors. The offices accommodate 3,000 employees in the heart of Belfast’s business district and adjacent to Belfast City Hall.
Ray Hutchinson noted: “In addition to the strong financial results, the Gilbert-Ash purpose has remained at the heart of our business - making a difference to our projects, our people and our planet through innovation, collaboration and determination.”
Looking at 2022, work continues on a number of landmark projects for Gilbert-Ash including the redevelopment of the National Portrait Gallery in London as well as Emmanuel College, Cambridge. The company continues its longstanding relationship with Premier Inn hotel with current projects underway including the construction of a 181-bedroom Premier Inn in Farringdon, and two hub by Premier Inn projects at Camden High Street and Old Marylebone. Projects which are approaching completion in 2022 also include the Ruby Hotel, a 173-bedroom hotel at Notting Hill Gate and Croft Gardens, an 84-bedroom student accommodation at Kings College, Cambridge.
Looking ahead, Ray Hutchinson added: “While current headwinds, including unprecedented levels of inflation, rising energy costs and interest rates, are undoubtedly challenging, we are working closely with our clients and our supply chain to help mitigate their impact.”
Gilbert-Ash continued its award-winning run with Ray Hutchinson named Construction Leader of the Year in 2021 shortly after receiving the OBE for services to the construction industry and to diversity and inclusion. Several Gilbert-Ash projects were also shortlisted for the prestigious RIBA regional awards with the innovative Cromwell Place project in South Kensington winning the London regional award.
Gilbert-Ash has a unique approach to construction, fit-out and refurbishment based on the belief that great buildings come about through hard work, inspired innovation and genuine collaboration. Sustainability is a key focus for Gilbert-Ash with a number of initiatives underway to help the company to drive down its carbon footprint.