Tide posts steady results

20/7/23

London-based modular builder/developer Tide Construction Ltd has posted annual results showing modest growth in both turnover and pre-tax profit. 

Tide Construction's turnover for the year to 31st August 2022 was up 6% £177.5m (2021: £166.9m). Pre-tax profit was up 2% to £11.1m (2021: £10.9m). At the year-end, the company's net assets were £74.6m (2021: £64.9m).

Tide Construction specialises in high-rise residential schemes using modular construction techniques, in tandem with sister company Vision Modular Systems. Its Greenford Quay scheme in west London is one of the UK's largest build-to-rent schemes, with more than 2,000 flats.

Owner-director John Fleming wrote in the company's latest annual report and accounts, filed this week: "Continuing price inflation in materials and subcontractor costs reduced margins in our contracting operations but project management work helped us to increase profits year on year. 

"The directors remain focused on strengthening the business by embracing the revolution taking place in offsite construction in addition to the development of modular technology. Despite the challenging macroeconomic environment, Tide continues to deliver strategic projects on time and within budget for our clients."

Source; Construction Index