Warwickshire-based building materials trading group GRS has reported record sales and strong pre-tax profits for 2021/22 as it weathered the challenges posed by the pandemic.
The Nuneaton-based company, which markets and transports aggregates and construction products across the country as well as materials for recycling, had sales of £383million in the year ending on January 31, 2022, a jump of 28% compared to the last financial year on a comparable basis (2018).
Despite material shortages, rising costs and covid-related contract delays, GRS has seen pre-tax profits reach £2.5m in 2021/22 (after a write-off of the acquisition of £3 million), compared to losses of £1.7 million in the previous seven-month period.
Before the pandemic, GRS grew steadily and was – for four consecutive years – among the highest climbers in the Sunday Times Top Track 250, in 2016, 2017 and 2018, ranking 65th in 2019.
Over the past five years, the company’s growth has been supported by a series of strategic acquisitions, including the London earthworks and ocean freight business S Walsh & Sons and the secondary aggregates business and of concrete based in Cornwall Maen Karne.
These tie-ups have allowed GRS to accelerate its efforts to supply London with secondary aggregates made from mine waste by low-carbon ocean freight.
Employing nearly 800 people nationwide, as well as a network of independent contractors, GRS handles more than 20 million tons of materials per year.
The company is involved in some of the UK’s largest infrastructure projects, including as a key supplier to HS2 through its Rail Stone Solutions subsidiary, and also supplies major construction merchants.
Group Chief Financial Officer Martin Reid said: “These results show that we are in a good stable position after the impact of the pandemic and the uncertainty of previous years, with the achievement of record revenues and pre-tax profit. healthy. Our performance reflects the dedication of our people supported by a clear long-term strategy.
“Despite enormous challenges with material availability and transportation, as well as escalating costs, we have worked closely with our customers and suppliers to achieve excellent results. We are particularly proud of our major involvement in projects such as HS2, Crossrail, Thames Tideway, Hinkley Point C and the new A14 in Cambridgeshire.
“The strategic investments we have made in recent years are really starting to pay off and place GRS among the most sustainable businesses in our industry – for example greater use of rail and sea freight in London, reprocessing of mining spoils in as secondary aggregates, the recovery and recycling of construction waste and the shift to green fuel based on hydrotreated vegetable oils (HVO) in the Southwest.We have a solid platform to achieve solid performance in the years to come.