Gbe Services Limited

Principal activity and business review The company's principal activity during the year continued to be that of mechanical engineering contractors. Turnover reduced by 16.5 per cent, compared to the prior year, to £14,255,478 (2020 - £17,077,342) as the effects of the Covid-19 pandemic continued to impact the industry as a whole. The gross profit margin reduced slightly from 31.4 per cent in 2020 to 30.5 per cent in the current year, with gross profit of £4,351,124 (2020 - £5,370,099). After accounting for administrative expenses and financial costs, the company has recorded a profit before tax for the year of £1,486,697 (2020 - £1,387,239). After considerable investment in new plant and machinery a taxation charge of £256,339 arises on the results for the year (2020 - £275,585), and therefore the profit after taxation for the year amounted to £1,230,358 (2020 - £1,111,654). Dividends of £408,000 were declared and paid during the year (2020 - £498,000). Principal risks and uncertainties The board of directors regularly monitors the company's business strategies, interim financial reporting, and changing market conditions to ensure that principal risks and uncertainties are identified and kept under control. Any corrective actions are made as soon as they are deemed necessary. Key performance indicators The company's key financial indicators during the year continued to be changes, compared with last year, in turnover, gross profit, operating profit and profit before taxation. Details are shown in the business review above.