Benniman doubled its dividend payout for 2024, despite facing a 23 per cent drop in revenue during a year it described as “challenged” for the industrial and logistics market.
The Worcestershire-headquartered building contractor and developer reported a turnover of £100 million for the year ended 31 December 2024, down from £129.7 million in 2023 and further from £164.6 million in 2022.
However, it managed to maintain a relatively stable pre-tax profit of £8.1 million, compared to £8.4 million the previous year and rewarded shareholders with £5.6 million in dividends for 2024 – more than double the £2.6 million paid out in 2023 – as it sets its sights on regaining growth in 2025.
Specialising in commercial offices and industrial developments, retail, healthcare, and fit-out, the group posted a 10.9 per cent drop in operating profit to £6.5 million, compared to £7.3 million in the prior year.
And while cash levels decreased to £37.4 million (FY2023: £54.5 million), net assets held relatively steady at £24 million (FY2023: £23.3 million).
Profit for the year was £6.3 million, slightly down from £6.6 million the previous year.
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“The industrial and logistics market has been challenged through 2024, although Benniman has been sustained by a strong pipeline,” said its managing director, Steven Smith.
“The strength of the company’s balance sheet and, in particular its cash position are seen as key to the securing of new work, especially in these times where insolvency within the construction Industry is on the rise and clients are looking more at their risk profile entering into contracts.”
Key contracts wins during the year included a £10 million new low-carbon industrial/logistics unit near Southampton on behalf of Graftongate and Bridges Fund Management.
Smith added the company would continue to capitalise on its “significant pipeline” of work and further opportunities and look to reach a turnover similar to 2023’s £129.7 million.
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