CField Losses Rise to £1.2M Due to Legacy Jobs
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Crowley Group Reports loss, Secures New Acton Project
Table of Contents
What happened: 2024 Financial performance
Crowley Group experienced a challenging 2024, reporting a loss despite a solid cash position. Revenue decreased by 16% to £119 million,compared to £142 million in 2023.The firm maintained a healthy cash reserve of £6.5 million adn operated without any bank debt. Notably, no dividend was paid to shareholders in 2024, contrasting with the £1.18 million dividend distributed in 2023.
Why It matters: Context and Analysis
the Acton Project: A Turning Point?
Looking ahead, Crowley Group has secured a contract to design and build a 100-bed apartment hotel over seven storeys in Acton, West London. The project, located at 83-85 Gunnersbury Lane, has already received planning approval and is slated for an immediate start. This represents a significant win for the company and is a key component of their strategy to return to profitability.
Timeline of Events
- 2023: Crowley Group reports revenue of £142m and pays a dividend of £1.18m.
- 2024: Revenue drops to £119m, resulting in a reported loss.No dividend is paid.
- Late 2024/Early 2025: Crowley Group secures contract for 100-bed apartment hotel in acton.
- 2025 (Projected): Crowley Group anticipates a return to profitability.
Who is Affected?
- Shareholders: The loss in 2024 means no dividend payout, impacting shareholder returns.
- Employees: The firm’s financial health directly affects job security and potential for growth.
- Subcontractors & suppliers: the new acton project will create opportunities for subcontractors and suppliers