Naylor Industries plc, the construction materials manufacturer, has reported an “encouraging” set of results for the year to 28 February 2022, with acquisitions and organic growth both contributing to a year of strong growth.
Naylor’s turnover increased 35 per cent to £69.8m (2021: £51.7m), bouncing back from a pandemic-related 7 per cent fall in the prior year.
During the year, the company made two acquisitions: Gainsborough-based Schauenburg Technical Solutions in August 2021 and Slaithwaite-based D&B Injection Moulding in February 2022. As a result of these acquisitions, Naylor has added a permanent formwork system, Novoform, and a range of electrical glands to its product portfolio. Since the year-end, the company made the further acquisition of Burnley-based Tuffpipes.
Naylor again invested heavily in plant and premises, with £5.7m of capital additions (2021: £3.8m) including an automated concrete lintel plant at Barugh Green and a site at Garforth for concrete fencing manufacture. Despite the disruption associated with integrating acquisitions and commissioning new equipment, profitability progressed steadily as the business emerged from the pandemic, with underlying profit before tax of £4.1m (2021: £2.9m).
Naylor Chief Executive Edward Naylor said:
“The year has been encouraging, with buoyancy returning to our core construction, utilities and infrastructure markets. Supply chains have been challenging, with cost increases and material shortages, but I think we have dealt with these reasonably well. We have been pleased to see the impact of recent capital investment in terms of increased productivity.”
Despite economic uncertainty, Naylor remains optimistic about the future, with business development plans for the coming years including further significant capital investment. An ongoing apprentice programme is introducing the next generation of skilled employees into the business.
