TSL, the industrial shed builder based in Gerrards Cross, saw a decrease in revenue to £297m in the year ending December 2023, representing a cautious approach to risk. Despite the decline in sales, the operating margin increased to 3.3% from 1.5%, leading to a pre-tax profit of £9.9m, almost half of the previous year’s profit.
Despite the challenges faced by the construction sector, TSL’s Founder and CEO, Jackie Wild, highlighted the company’s strong and resilient performance. The strategic decision to focus on projects that could provide sustainable contribution levels led to an improvement in gross profit margin from 3.1% in 2022 to 5.5% in 2023. Additionally, TSL secured a robust pipeline of projects for 2024 through negotiated agreements, reducing the impact of price volatility, with 92% of the work already confirmed.
Under the Tonroe Group, TSL underwent further expansion, particularly in Europe, with increased operations in Ireland, Germany, the Netherlands, and Spain. The company also expanded its presence in Canada and is currently in the process of restructuring its UK and international businesses into a new group holding structure, which will be registered in the UK. This restructuring is expected to be completed by August and is seen as a significant step towards TSL’s international growth strategy.
The stability of the company’s headcount, which remains at around 200 staff, reflects TSL’s commitment to its workforce amidst the changes and expansions. With a focus on securing sustainable projects and improving profitability, TSL is poised for continued success in the coming years. The company’s ability to adapt to market conditions and leverage its international presence will likely contribute to its long-term growth and profitability.