The Eric Wright Group, based in Lancashire, has reported a significant increase in turnover over the past year. With several key projects and stable income from its diverse portfolio, the company remains optimistic despite some challenges.
In the financial year ending December 2023, the Eric Wright Group reported a turnover increase from £168 million to £232 million. Despite this substantial rise in revenue, pre-tax profits experienced a dip, falling from £7 million to £5.8 million. However, the company emphasized a ‘strong underlying trading profit’ of £7.5 million, reflecting a decrease from £11.9 million in the previous year.
The group’s diverse activities and stable investment property portfolio have been pivotal in maintaining resilience. Apart from property development, the Eric Wright Group’s long-term investments, such as Local Improvement Finance Trusts (LIFT) and Private Finance Initiatives (PFI), have consistently generated stable returns.
Currently, the Eric Wright Group is engaged in the Animate scheme in Preston, awarded £20.9 million from the Government’s national Towns Fund initiative. This project is part of the larger Harris Quarter initiative, which is undergoing a £200 million investment programme.
CFO Gill Chadwick highlighted the group’s resilience, stating, ‘The diversity of the Group’s core activities, together with its stable investment property portfolio, has continued to provide the Group with resilience and confidence.’
He further added that the group’s strategic approach to risk management and plans for measured growth position them well for future stability and strong financial returns. This strategy ensures that the company can continue to support the Eric Wright Charitable Trust, contributing to regional charitable objectives.
The company shows confidence in its ability to navigate ongoing economic challenges, capitalizing on opportunities across various sectors.
The charitable work spans various initiatives, enhancing the lives of the residents in regions where the group operates.
The Eric Wright Group’s robust financial performance and diverse portfolio indicate a positive future despite market challenges. Their strategic focus and community engagement continue to drive growth and stability.