The Glaswegian company City Building achieved a loss of 16 million GBP in March 31, 2023. The recent annual accounts were shown.
This was followed by a deficit of 18.5 million GBP in the past 12 months, although sales have increased slightly to 162.2 million GBP in 2022 in 2022.
The limited liability partnership, a joint venture between Glasgow City Councilor and Wheatley Housing Group, said that the increased costs had “influenced” their profitability.
The accounts of the company, which were submitted to Companies House last Thursday (March 13), found an “extremely challenging trade environment”, which is mainly due to the inflationary price increases for material and subcontracting costs and unforeseen operating costs.
The company added that it continued to focus on providing value for money and determination in fulfilling the needs of customers.
“The aim was to compensate for the profit target against the support [the] Needs of partners and prevention, if possible, cost pressure [from] To be passed on to customers or citizens, ”it said.
In a report together with its results, the city building added that the financial year had started, “with optimism in the hope of increased awareness of climate change, which leads to an even greater drive towards sustainable buildings”.
“This positivity was filled with the expectation that the broader industry would fully exploit apprenticeship training in recognizing ongoing problems with workers in order to promote a nation of specialists,” she added.
The company said it had completed the construction of its own college to support the industry and “develop the next generation of commercialists”.
According to City Building, it continued its investments in its workforce in 2022 by hiring 60 craft training and employing 61 former trainees as merchant doctors.
Cash in hand went back slightly from 9.5 million GBP to 7.1 million GBP, although the amounts due to the creditors due to GBP from 40.3 million GBP to 26.6 million GBP at the end of the last period in March 2022.
The company did not hold a bank loan debt.
It expanded its workforce and grew to an average monthly number of 1,724 employees compared to 1,694 in the previous year.