In the year to 30th June 2023 Premier Modular鈥檚 turnover was down 6% at 拢105.7m (2022: 拢112.5m) and pre-tax profit was down 11% at 拢14.7m (2022: 拢16.5m).
Operating profit was down 16% at 拢13.9m (2022: 拢16.4m).
Overall, turnover was propped up by a doubling in sales from the company鈥檚 fleet of modular buildings, from 拢11m to 拢22m.
The hire of modular buildings saw a slight upturn in the year, with revenue rising from 拢18.8m to 拢19.6m.
However, construction contract revenue dipped from 拢51m to 拢49m and revenue from the delivery and erection of modular buildings collapsed, from nearly 拢32m in 2022 to less than 拢15m last year.
Premier Modular had been one of the beneficiaries of the covid crisis, supply units to NHS Nightingale centres. The unwinding of the national covid response has consequently had an impact. Turnover in the modular rental business dipped from 拢62m in 2022 to 拢57m while the permanent space division saw annual turnover fall from 拢51m to 拢49m in the 2023 financial year.
However, despite the dip, profits remain solid. Chief executive David Harris writes it the annual report: 鈥淭he business inhabits a space in the market that few other companies do. It has a significant rental business with infrastructure type revenue streams, predictable cash flows into the future and a highly profitable sales business that offers genuinely superior solutions against traditional construction solutions. The group is in a position to where it is able to grow both though market sector growth and through gaining larger proportion of that market sector through its quality solutions.鈥�
Premier Modular is based in Driffield in East Yorkshire, in the heartland of the UK鈥檚 modular building, cabin and caravan manufacturing industry. It is ultimately majority owned by Cabot Square Capital Partners.
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