Tarmac, the building materials group, has reported a turnover of £2bn during its latest financial year, marking an increase from the previous year's £1.99bn.
The Solihull-based company also saw a significant rise in pre-tax profit, climbing from £125.9m to £168.1m, according to accounts recently filed with Companies House, as reported by .
Despite this financial upturn, Tarmac experienced a reduction in workforce numbers, dropping from 2,782 to 2,621 employees over the year, which led to nearly £5m in redundancy costs.
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In light of its stronger financial performance, the firm reduced its interim dividend from £230m down to £127m.
Owned by Dublin-headquartered CRH plc, an international conglomerate of diversified building materials businesses, Tarmac's origins date back to 1903, although it was established in its current form in March 2013 following the merger of Anglo American's Tarmac 海角视频 and Lafarge's 海角视频 operations.
The company enjoyed a £141m boost, as stated by the board: "The improved performance can be predominantly attributed to the £141m dividends received in the year."
The statement further noted: "Underlying market conditions were relatively stable in 2023 albeit with variable levels of growth seen across the industry, with expansion in the infrastructure sector offset by a marked decline in residential."
The company noted: "Cost inflation continued to be a factor during the period, albeit at lower levels to what has been experienced during 2022."
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They added that the effect of this had been offset by an optimisation program which delivered "The company has mitigated the impacted of this through an optimisation programme delivering benefits through commercial, operational and logistics excellence."
For the same financial year, building materials giant CRH plc reported revenues of $34.9bn (£26.8bn), a seven per cent increase.
Chief executive Albert Manifold commented on the results: "2023 marked another record year of financial delivery for CRH, supported by good underlying demand across our key end-use markets, further pricing progress and the continued benefits of our differentiated, customer-focused strategy."
He also reflected upon the evolution of the business over the past decade: "Over the last decade our business has evolved from being a supplier of base materials into a fully integrated provider of value-added solutions."