Tidy dividend for Tide owner

19/8/24

Modular builder Tide Construction Ltd has paid out a £23m dividend to owner John Fleming, its latest accounts reveal.

Tide Construction's financial results for the year to 31st August 2023 show  11% turnover growth to 197.2m (2022: £177.5m)  but pre-tax profit softening at £7.1m (2022: £11.1m).

At the year end, the company's net assets were £57.4m (2022: £74.6m), having paid a dividend of £23m during the year.

Tide is owned by 72-year-old Irishman John Fleming.

"The directors are pleased with the revenue growth," he wrote in the annual report. "Continuing price inflation in materials and subcontractor costs reduced margins in our contracting operations but, as in 2022, project management work helped to reduce the overall impact of price inflation in our core business. The directors remains focused on strengthening the business by embracing the revolution taking place in offsite construction in addition to the development of modular technology."

A highlight of the year was completion of Europe's tallest modular building. Its College Road development in Croydon comprises a 35-storey tower and a 50-storey tower, the latter of which is – at 163 metres – Europe's tallest volumetric modular building.  The volumetric units were produced by Tide sister company Vision Modular Systems in Bedford. Overall the development comprises 937-homes across two buildings.

Source; The Construction Index