In the year ended 31st August 2024, the run up to its private equity sell-out, Fox Brothers Group saw operating profit increase to 拢9.6m (2023: 拢6.9m) on turnover down 5% at 拢94.0m (2023: 拢99.0m).
The improved profitability was attributed to improved utilisation.
During the financial year a refinancing and restructuring took place to prepare for the sale to Stellex Capital Management. That sale took place in September 2024. With 拢9.4m payable in interest and 拢2.5m in exceptional finance costs, the final result was a pre-tax loss of 拢2.98m (2023: 拢708,000 profit).
In October 2024 Fox Brothers Group changed its name to PRF Group, the initials of chief executive Paul Robert Fox, who remains a shareholder in the new structure.
The principal activities of PRF, as the group is now called, are transport, bulk excavation, earthworks and site preparation, aggregate/concrete supply, quarry and waste management, and plant hire. It has more than 270 wagons and 1,000 machines with an average of less than four years.