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UpgradeThe Morrisroe Group has traded through one of the most turbulent of periods and has been unable to sustain margins where it had previously committed to fixed price schemes. The impact of hyper-inflation in relation to material prices will be negated moving forward as legacy schemes complete during the current trading year.
Our balance sheet remains strong which will enable the group to weather ongoing inflationary pressure in future trading periods.
We have continued to invest in our integrated services, skills and capabilities which has given rise to significant work opportunities for all group companies.
We also continue to broaden our expertise and to invest in latest construction technology and plant. We remain committed to making the necessary investment to fulfil our environmental sustainability targets.
Sales have remained consistent with turnover in previous years. We expect sales in our current year to achieve £225m.
Margins deteriorated significantly, due to a combination of fixed price contracts and hyper-inflation.
Loss attributable to a poor commercial performance on delivering our fixed price contracts and fully liabilitising for an exceptional regulatory fine.
Despite our loss in this trading period our balance sheet remains strong and demonstrates the ongoing resilience of our business
Our current order book as at 31 May 2023 is significantly above previous levels. We have made good progress in de-risking our future workload in relation to fixed price projects.