{"id":689239,"date":"2026-07-13T12:38:25","date_gmt":"2026-07-13T12:38:25","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/689239\/"},"modified":"2026-07-13T12:38:25","modified_gmt":"2026-07-13T12:38:25","slug":"jrl-back-in-the-black-with-record-order-book","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/689239\/","title":{"rendered":"JRL back in the black with record order book"},"content":{"rendered":"

The London-based construction and specialist trades group posted pre-tax profit of \u00a32.9m for the 11 months to 31 March 2026, compared with a \u00a349m loss in the previous 16-month reporting period.<\/p>\n

Chairman John Reddington declared the contractor had emerged from a period of \u201cstabilisation, consolidation and quiet rebuilding\u201d backed by a record \u00a32bn-plus order book of projects from London to Birmingham and Manchester.<\/p>\n

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But he cautioned that rebuilding consistent, sustainable margins remained \u201cthe work of the years ahead\u201d.<\/p>\n

Operating profit recovered to \u00a38.6m from a \u00a335.5m operating loss, reflecting tighter bidding discipline and the completion of legacy problem contracts. Turnover for the shortened reporting period, now aligned with IJM\u2019s financial year, was \u00a3573m, equivalent to an annualised run rate of around \u00a3625m.<\/p>\n

The results mark the first reporting period since IJM injected \u00a350m of equity into the business last year in exchange for a 50% stake.<\/p>\n

JRL said tighter front-end pricing, stronger risk controls and enhanced project governance had transformed performance, while its vertically integrated delivery model was proving a key differentiator in winning complex schemes.<\/p>\n

<\/a><\/p>\n

Across the operating businesses, flagship main contractor Midgard swung from a \u00a315m loss to an \u00a311m profit before tax on \u00a3410m of revenue, while Midgard City moved into profit with \u00a32.6m before tax.<\/p>\n

Concrete specialist J Reddington also recovered, posting \u00a34.9m profit against a \u00a37.2m loss a year earlier.<\/p>\n

Not every division returned to profit. McMullen Facades, Ark M&E, Thames Reinforcements and JRL Drylining all remained loss-making, although most significantly reduced their deficits following restructuring and operational changes.<\/p>\n

The balance sheet also strengthened, with net assets edging up to \u00a3115m following last year\u2019s recapitalisation and selective property disposals. The group ended the period with net debt of \u00a351m and cash of \u00a3105m.<\/p>\n

Looking ahead, JRL said its priority is disciplined delivery of the record order book, rebuilding margins and embedding the tighter governance introduced alongside IJM\u2019s investment.<\/p>\n

<\/a><\/p>\n

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