CHAP Group saw like-for-like, annual turnover increase by 21% to £45.7 million during their financial year to 30 September 2022. The firm recorded a pre-tax profit of £152,000 versus a loss in the preceding period of £705,000.
Hugh Craigie, CHAP’s MD said, “We are delighted to see the Group return to profit after three challenging, covid-affected, years. Year-on-year turnover growth is early evidence of our strategic plan beginning to pay dividends.
A key component of our strategic plans was for the company to strengthen the board and senior management team. Accordingly, several prominent appointments have been made over the past 18 months and it is great to see the positive impact these new team members are already having on company performance but also on the enthusiasm levels within the office and on the sites.”
CHAP recently announced the appointment of industry veterans Derek Shewan as Non-Executive Director and Richard Stott as their new Civils Director. Derek and Richard follow other relatively new Board appointments Fraser Taylor, Operations Director, who joined in August 2021 and Andy McNair, Preconstruction Director, who joined in February 2022.
Hugh Craigie added, “Through the new Board and senior management appointments, CHAP is now extremely well placed to develop our service offering and geographical reach. I am excited about the path we are on and look forward to seeing our plans continue to come to fruition.”
CHAP’s net assets rose to £10.6m from £9.1m in the prior year. The firm’s cash position also improved by £3.3m in the year, to £2.9m at year end
Material availability and cost inflation continues to cause CHAP and our customers issue, with tenders commonly going over-budget. CHAP is however well placed, with its strong supply chain relationships, to offer innovative value-engineering solutions to mitigate price inflation.
