Buckinghamshire-headquartered family contractor TSL has reported a fall in turnover and profit.

The firm, which specialises in the food, pharmaceutical, logistics and data centre sectors, saw a slight drop in turnover from £565m to £552m in the year ending 31 December 2022.

Its pre-tax profit also dropped, from £11.6m to £9.7m, with profit margin falling from 2 to 1.8 per cent. The company’s cash balance, however, rose slightly from £38m in 2021 to £39.8m in 2022.

Its accounts referenced “numerous economic and industry challenges”, including inflation, high interest rates and the war in Ukraine, and noted that turnover had reduced due to delayed projects.

TSL delivered 21 major logistics projects, accounting for 67 per cent of annual turnover, during 2022, including completion of a 111,ooo square metre regional distribution centre for Lidl at Luton – the largest facility ever constructed for the supermarket. 

The company is based in Gerrards Cross, Buckinghamshire, but has regional offices in Newcastle and Cheshire, as well as offices in Ireland, Germany, the Netherlands, Spain, Poland and the US.

The company said it had “secured a strong pipeline of projects for 2023”, adding that it was growing its teams in Wurzburg and Frankfurt and plans to open an office in Berlin this year.

While UK turnover was down to £455m from £544 in 2022, turnover in Europe increased to £96.8m from £21.2m. 

The firm started 21 years ago as a family business and had an average of 217 employees in 2022, up from 202 in 2021.

TSL was contacted for comment.