London fit-out contractor Base Build remains financially resilient despite a drop in profits, thanks to a strong cash base and continued work from blue-chip clients.
Base Build Services reported a 21.7 per cent fall in pre-tax profits to £3.7 million for the year ended 31 December 2024, down from £4.7 million the previous year.
Operating profit also declined by 21 per cent to £3.7 million (FY2023: £4.7 million).
Turnover dipped slightly to £119.2 million, from £122.8 million.
Despite the decline, the retail and commercial fit-out specialist, which offers full construction services across traditional, design and build, and management contract procurement methods, maintained strong fundamentals.
Cash reserves rose from £12.2 million to £15.2 million, while net assets increased 12.6 per cent to £11.1 million (FY2023: £9.8 million).
Dividends fell slightly to £1.4 million (FY2023: £1.9 million).
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The contractor, which also operates in the distribution, residential, and education sectors, credited its “competitive pricing model” with helping to develop “additional work streams” with existing clients, alongside its resilience and focus on delivering work for blue-chip clients.
“The company has continued to perform successfully and diversify in a highly competitive market, undertaking work on a fixed price and fixed fee basis on a number of ongoing framework agreements with major blue chip clients,” said director John McWeeney in the latest report.
“The client-focused approach of the company has resulted in significant levels of repeat business, with the result that the company has been able to build on its reputation for delivering projects in a proactive, planned and efficient manner, on time and within budget.”
Looking ahead, he added that recent management team additions, investments in IT process management, and enhanced cost controls position the business well in the medium-term to grow turnover and improve margins.
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