Total employee ownership bonuses top £5.3m for nearly 450 staff
Kent-based demolition specialist Erith has paid off its £17.6m bid-rigging fine two and a half years early after another strong trading performance.
Revenue at the demolition, haulage and recycling group jumped 12.5% to £255m for the year to 30 September 2024, buoyed by a mix of contract wins and stable costs in the still-fluctuating economic climate.
The improvement lifted net margins from 2.7% to 3.3%, hiking pre-tax profit by more than a third to £8.4m.
Chairman Steve Darsey said the results reflected “strong management in a growing business while improving margin”.
He also confirmed that the group had now paid off the Competition and Markets Authority penalty handed down in 2023 two and a half years earlier than agreed.
At year-end, headcount stood at 544, with 447 qualifying for the Employee Ownership Trust bonus scheme. Since its inception, back in 2017, the EOT has paid out over £5.3m to staff – including £540k in the latest financial year.
Due to a strong forward order book going into the 2025 financial year, Darsey said that Erith Group anticipated maintaining the current level of turnover.
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