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Midlands groundworks and civil engineering specialist M&J Evans has reported significant losses for the last financial year, citing a downturn in house building as the primary cause.
The company’s holding group experienced a 25% drop in revenue, falling to £334 million. This decline led to operational inefficiencies, compounded by high market inflation, resulting in trading losses of £2.7 million for the year ending December 2023. This is a stark contrast to the £22.6 million operating profit recorded the previous year.
After factoring in interest payments on loans and finance costs, which amounted to approximately £18 million, M&J Evans reported pre-tax losses of £21 million. This marks a dramatic reversal from the £5.2 million profit noted in the 13-month period ending in 2022.
The Walsall-based company, which acquired Swindon-based Flynn Group in 2021, also saw its workforce reduced by over 90 employees, bringing the total headcount down to 426.
