Beneath the headline rankings of the top 150 contracting and housebuilding firms in the sector, there are more complex stories to tell based on turnover, profit and margins. Here Carl Brown unpacks the figures in more detail

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Building’s exclusive and sortable Top 150 Contractors & Housebuilders table reveals which firms have moved up or down the turnover rankings over the past year as they grapple with a difficult operating environment.

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But behind the topline figures, there are also stories to tell through detailed breakdowns of the data we collected, including for pre-tax profit, turnover and margins. So we have crunched the data further, including splitting the data into housebuilders and contractors.

>Click here for the main Top 150 Contractors & Housebuilders table <<

First, our findings for turnover.

Turnover

Overall revenue for the top 150 contractors and housebuilders rose by 6.4% year-on-year, according to our analysis of the most recent published accounts. Firms generated £113.5bn in revenue in total, which is £6.8bn more than the previous year.

This is a faster increase than the 2% rise seen in last year’s top 150, albeit from a slightly different group of companies. It is, however, not as high as the 9% seen two years ago, suggesting activity has only partially rebounded. A total of 59 companies reported a drop in turnover, with 91 saying income had increased.

The overall turnover growth figure again masks differences in the contracting and housebuilding markets.

 

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Our analysis shows contracting turnover among 87 firms rose by nearly £5bn to £57.5bn. This was a rise of 9% – slower growth than the 12% reported for last year.

However, housebuilding turnover rose more slowly than contracting income, increasing 5% among the top 50 housebuilders. It rose by more than £1.6bn to £35bn. This was a lot better than the 8% drop in turnover recorded for the largest housebuilders the previous year.

A total of 28 housebuilders reported a fall in turnover, with 10 of the top 20 reporting a drop.

Rankings and turnover: risers and fallers

Biggest risers in the ranking positions

CompanyLatest rankPrevious rankIncrease (places)
Phoenix ME 72 124 52
RGCM 69 112 43
8Build 108 147 39
Forth Holdco 78 115 37
Axis Europe 68 94 36

Purely in terms of number of places in the turnover rankings, the biggest riser this year was Phoenix ME, which jumped 52 places to 72nd in the table. The firm increased its turnover by 74% to £295.2m. The M&E specialist said its strong growth “reflects strong market demand and effective business operations”. It was boosted by opening a new regional office in Cambridge in 2023. The firm was affected by the collapse of construction giant ISG, which it described as a “significant client”, but said all its ISG projects have been “re-engaged under new contracts” with other firms and the impact was minimised.

RGCM rose 43 places to 69th, it was the second faster riser in the rankings. It said it has sustained its recovery “beyond pandemic trading levels”.  8Build, which rose 39 places to 108th, and Forth Holdco (37 places to 78th) were the third and fourth fastest risers. 

Property services and repairs management company Axis Europe  was the fifth-fastest riser in the rankings. It jumped 36 places to 68th, as it increased its turnover 28% to £249.5m. The firm was acquired by global alternative investment firm HIG Capital in August 2024 under a “buy and build private equity model”. Axis Europe, which operates in housing, health and education, said at the time: “This will spread the geographical footprint and allow diversification into other sectors.”

At the top of the top 150 table, Balfour Beatty  retained its number one spot, while Barratt Redrow, buoyed by its acquisition of Redrow in August 2024, moved up two places to second. 

David Thomas, chief executive of Barratt Redrow, said the merger is “delivering substantial cost synergies and additional sales outlets” and has helped the business cement its postion as the “country’s largest housebuilder”. He said: “We are uniquely well positioned to invest through the cycle. Over the medium term we continue to target reaching 22,000 completions per year, along with leading the industry for service, build quality and sustainability.”

Other notable risers include Skanska, which moved up six places into the top 20 despite a 4% fall in turnover (as others around it fell by more), and Costain, which moved up three places to 21st despite its turnover falling 6%. A spokesperson for Costain said that since the accounts, which were for the period to June 2024, were published it has won a number of significant contracts and extensions, including a £1bn utilities infrastructure award with Sellafield and decommissioning work at Trawsfynydd nuclear power station in north Wales, while increasing its operating profit and margin. 

The tightness in the table allowed Miller Homes  to jump six places to 26th on a 4% increase in turnover. Lendlease Europe  rose 11 places to 34th, boosting its turnover 28% to £819.8m.

Biggest increases in turnover (£k)

CompanyLatestPreviousChange (£k)Change (%)
Barratt Redrow 5,578,300 4,168,200 1,410,100 34%
Mitie 5,091,200 4,510,700 580,500 13%
Morgan Sindall 4,546,200 4,117,700 428,500 10%
Persimmon 3,200,700 2,773,200 427,500 15%
Mace 2,788,683 2,367,000 421,683 18%

When it comes to biggest increases in turnover in pure monetary value, newly-merged Barratt Redrow’s turnover grew the most. It generated an extra £1.4bn of revenue in the year to June, an increase of 34%.

Mitie  grew its annual turnover by £580m, or 13%, to £5.1bn. The facilities management firm secured contracts worth £7.5bn in the year to 31 March 2025, which was a record and 21% up on the previous year.

Morgan Sindall increased its turnover by £429m, a rise of 10%, boosted by an 18% increase in revenue from its fit-out business. Mace boosted its overall turnover by £422m, a rise of 18%, although its pre-tax profit fell 30%, which it put down to a problem job, believed to be a data centre. Jason Millett, group chief executive at Mace, said: “Despite economic and industry-wide challenges, 2024 represented a year of strategic progress as we continued to embed greater resilience throughout our business practices.” 

Biggest increase in turnover (%)

 CompanyLatestPreviousChange (£k)Change (%)
TSL 526,598 296,655 229,943 78%
Phoenix ME 295,275 170,175 125,100 74%
Reds10 142,533 83,788 58,745 70%
RGCM 312,952 198,049 114,903 58%
Red Construction Group 170,829 114,833 55,996 49%

Note: All of these tables exclude firms where the reporting period is not for the same length year-on-year. This includes Volt Topco, T Clarke, UL Intermediate (formerly United Living) and London Square. Reds 10 has not posted new figures since last year’s Top 150 – so the comparison is with 2022/23.

But when we focus on percentage growth, contractor TSL  posted the biggest rise. The firm increased its turnover by 77% to £527m. It said the growth came from new and existing clients with a “significant level” of business coming through existing relationships.

TSL, which is part of the Tonroe Group, opened new offices in Birmingham and Leeds in the year. The company said it “reinforced its leading position” in the data centre market and has a “strong pipeline” of data centre projects. “With prestigious data centre projects completed throughout the year, and many more commencing, we are proud to be delivering exceptional digital infrastructure,” it said.

Other fast growers include Red Construction Group, which increased its turnover 49% to £170.8m, along with the aforementioned RGCM and Phoenix ME.

Housebuilder Mount Anvil increased its turnover 40% to £359.7m. A spokesperson said: “Our recent financial performance is underpinned by our focus on partnership working to deliver London’s estate transformations. We are rounding out 2025 with more than 3,000 homes in the planning pipeline across London, of which approximately 40% will be affordable.”

Fallers

When it comes to those facing the biggest drop in turnover, the three largest were all housebuilders. Abbey Developments saw its income fall 75% to £75m for the year to 30 April 2024. The firm, which was one of the highest risers in the 2024 list, said: “Trading in the UK was difficult in the year. Rising interest rates, energy costs and high cost inflation (materials and labour) will affect future margins.”

St Modwen Homes, which was acquired by Miller Homes in February 2025, saw its turnover fall by 36% to £239m in the year to December 2023. The housebuilder said: “Alongside a reduction in sales outlets to 23 (from 24), the fall in turnover reflects difficult trading conditions, as rising interest rates and the cost of living significantly affected affordability in core markets.” Weston Homes saw its revenue fall 44% to £158m, which it said was due to it completing 335 fewer completions in a “sluggish” market. Bob Weston, chairman of Weston Homes said prior to increases in the Bank of England interest rate in 2022, first-time buyers accounted for more than 70% of the housebuilder’s customers, but this has now dropped to 30%. “This decline highlights both the total lack of government fiscal support for first time buyers of new build homes and their reduced ability to access affordable mortgage rates”. He added that the firm’s new accounts for the year to July 2025 will show substantially improved turnover.

Sector-specific activity

Biggest increase in housebuilding turnover (£k)

CompanyLatestPreviousChange (£k)Change (%)
Barratt Redrow 5,578,300 4,168,200 1,410,100 34
Persimmon 3,200,700 2,773,200 427,500 15
Bellway 2,782,800 2,380,200 402,600 17
Vistry Group 4329200 4042100 287,100 7
Watkin Jones 224146 175,739 48,407 28

Biggest increase in housebuilding turnover (%)

CompanyLatestPreviousChange (£k)Change (%)
Elivia Homes 51,513 30,260 21,253 70
Barratt Redrow 5,578,300 4,168,200 1,410,100 34
Watkin Jones 224146 175,739 48,407 28
Stonebond 143,065 113,530 29,535 26
Bellway 2,782,800 2,380,200 402,600 17

Biggest increase in contracting turnover (£’000)

CompanyLatestPreviousChange (£k)Change (%)
Kier  4046500 1,907,800 2,138,700 112
Wates  1,938,036 1,169,237 768,799 66
Morgan Sindall 3371300 2,958,000 413,300 14
Mace 2,098,307 1,734,750 363,557 21
T Clarke 799,737 491,000 308,737 63

Biggest increase in contracting turnover (%)

CompanyLatestPreviousChange (£k)Change (%)
Kier  4046500 1,907,800 2,138,700 112
Phoenix ME 295,275 170,175 125,100 74
Reds10 142,533 83,788 58,745 70
TSL 497,576 296,655 200,921 68
Wates Group 1,938,036 1,169,237 768,799 66

Newcomers

The following firms were in this year’s top 150 but were not in last year’s: 

CompanyRanking
OCU Group 43
Volt Topco 51
Red Construction Group 106
Statom Group 112
Stonebond 123
CG Fry and Son 128
Gallagher Group 129
Base Build Services 130
Knights Brown Construction 131
Oktra 133
Ashe Group 138
Allison Homes 141
M Lambe Construction 143
McTaggart 144
Caste Green Homes 145
Merit Group 146
Clegg Construction 147
GF Tomlinson  148
Spencer Group  150

Profit

Turnover is a good sign of scale and activity, but of course the real end game is profit. So, how did the industry do this time around?

Our analysis suggests the picture is not great, but again better than the previous year. Overall pre-tax profit decreased 5.2% from £4.1bn to £3.9bn, which is better than the 31% drop recorded by the previous year’s top 150. More than half – a total of 85 – reported profit increases, with 64 reporting drops.

Operating profit – which excludes certain one-off items and gives a better measure of underlying performance – increased by 4% to £4.7bn. On this measure, the difference between contractors and housebuilders is stark. Housing operating profit fell 12% while contractor profit rose by 55% to £1.3bn.

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Profit: risers and fallers

The simplest measure to look at would be who made the largest amount of pre-tax profit in the most recent year. If we do this, five housebuilders are in the top positions, namely Berkeley, Persimmon, Taylor Wimpey, Barratt Redrow and Vistry. All but one, Barratt Redrow, saw their profit reduce in the year, however.

Biggest pre-tax profit made in most recent year (£k)

CompanyLatestPreviousChange (£k)Change %
Berkeley Group 528,900 557,300 -28,400 -5
Persimmon 359,100 359,400 -300 0
Taylor Wimpey 320,300 473,800 -153,500 -32
Barratt Redrow 273,700 170,500 103,200 61
Vistry 263,500 407,300 -143,800 -35

It is perhaps more valuable, though, to look at changes in profit for firms’ most recent reporting year compared with the previous period.

Such has been the volatility in the market over the past couple of years that many of the largest swings in companies’ profit and loss accounts are from those that are reducing losses or moving back into the black.

Biggest positive swings in pre-tax profit and loss account (£k)

CompanyLatestPreviousChange (£k)Change %
Newarthill (incl McAlpine) 54,842 -102,620 157,462  
Barratt Redrow 273,700 170,500 103,200 61
Willmott Dixon 46,796 -16,733 63,529  
Keller  183,900 125,600 58,300 46
Skanska 77,804 27,339 50,465 185

The biggest positive movement in pre-tax profit and loss was at Newarthill, the parent company of Sir Robert McAlpine. The firm made £157.5m more pre-tax profit in the year to 31 October 2024 than it did in the previous year, pushing back into the black after making a loss of £102.6m.

Newarthill said 2024 “marked a year of stability after the issues in 2023”, referring to the four problem jobs and restructuring costs that led to large losses in the previous year. “The UK construction business experienced a substantial increase in activity levels and rise in new enquiries across all our sectors,” it said, adding that it maintained an order book worth £1.3bn.

A spokesperson for McAlpine said that, following a strategic review, it launched a new strategy in 2023 which saw it “transition to a national, sector-focused model with a renewed focus on operational excellence”. It said: “We continue to see dividends from this reset of the business and our focus remains on client value, operational excellence in delivery, and targeting the right opportunities for long-term customers who see the benefits of early contractor involvement and a collaborative approach.”

Barratt Redrow saw the second-biggest swing, increasing its profit by 61% to £273.7m.

Willmott Dixon  returned to profit, making £46.8m, compared with a loss of £16.7m the previous year. It said: “A more rigorous approach to contract and supply chain selection and the positioning of projects as design complete and procurement ready before works commence is […] already proving successful in delivering more confident and predictable project margins.” The contractor said it was awarded projects totalling £1.3bn in the year to December 2024, a record for the firm.

Geotechnical engineer Keller, which grew its pre-tax profit by 46%, said it has “rationalised the geographic and product portfolio of the group and more recently focused on improving the project execution across the business”.

Skanska reported a near trebling of pre-tax profit despite its revenue falling year-on-year. It attributed this to strong performances in its FM and infrastructure sectors. 

Biggest percentage growth on prior-year positive pre-tax profit (%)

 LatestPreviousChange (£k)Change %
Carey Group 6,540 657 5,883 895
Emerson Development 110,429 15,909 94,520 594
William Hare 31,373 5,777 25,596 443
GF Tomlinson 1,010 238 772 324
Novus Property Solutions 3,382 885 2,497 282

While many of the largest increases in the profit and loss account were companies moving back into the black after a terrible prior year, there were also plenty of firms lower down the main table who were already in the black but grew their profits by a large percentage amount. 

Carey Group increased its pre-tax profit by nearly 900% compared with the year to September 2023, when a number of loss-making jobs pushed its pre-tax profit down to just £657,000. The firm in its most recent accounts increased pre-tax profit back up to £6.5m after it cleared the loss-making jobs and made changes to the way it bids jobs so it wasn’t doing, in the words of finance boss Martin Nilsson, “one-off iconic projects”.

Steelwork contractor William Hare Group increased its pre-tax profit more than fivefold from £5.8m to £31.4m, while boosting turnover 34%.

The firm, which was bought by Sale Sharks co-owner Simon Orange in the summer, said: “The company’s geographic and sector diversification has allowed the business to capitalise on opportunities across a broad spectrum of projects and sectors.”

Fit-out and refurbishment company Novus Property Solutions and Henmead, parent company of Preston-based contractor Eric Wright Group, also posted strong pre-tax profit growth, along with the aforementioned Emerson Developments.

 Biggest positive swings in operating profit and loss account (£k)

CompanyLatestPreviousChange (£k) 
Barratt Redrow 285,500 174,700 110,800 63
Newarthill (incl McAlpine) -2,616 -101,239 98,623 na
Willmott Dixon 43,270 -16,733 60,003 na
Amey 139,895 87,023 52,872 61
Keller  205,100 153,100 52,000 34

Biggest percentage growth on prior-year operating profit (%)

CompanyLatestPreviousChange (£k)Change %
Skanska 54,070 6,277 47,793 761
William Hare Group 29,626 5,885 23,741 403
Henmead 4,941 1,116 3,825 343
Novus Property Solutions 3,243 801 2,442 305
Speller 2,584 680 1,904 280

If we look at operating profit, as opposed to the often more volatile statutory pre-tax profit, we see many of the same names posting the highest increases. 

However, Skanska increased its operating profit by 761% from £6.3m to £54m as well as its pre-tax profit by 185% to £77.8m. The firm said its improved operating performances was “driven by strong results in the facilities management and infrastructure sectors”.

Fallers

The seven firms posting the largest drops in pre-tax profit were all housebuilders. Crest Nicholson plunged from £23.1m in profit the prior year to a loss of £143.7m in the year to October 2024. The firm reported exceptional charges totalling £166m, including £132m to replace combustible materials and £25m for other remedial work at completed sites. It brings Crest Nicholson’s total provision so far for safety remediation works to £249m.

It was a similar story at Taylor Wimpey, whose pre-tax profit fell by £153.5m to £320.3m, a drop of 32%, following £98.2m in exceptional costs relating to building safety along with building cost inflation and lower pricing of completions. A spokesperson for Taylor Wimpey said the firm’s full-year adjusted group operating profit was in line with its guidance.

Vistry,Lendlease Europe, Bloor Homes, Cala Group and Avant Homes all also posted significant drops in pre-tax profit. Cala said its reduction was due to a combination of fewer unit completions, lower average selling prices and development delays. 

Lendlease Europe was sold to Atlas Holdings in March, with the company being rebranded under its original name Bovis Construction. A spokesperson for Bovis said in the nine months since the sale, it has ”secured several significant project-wins, including 60 Gracechurch Street, One Museum Street, 43-45 Portman Square, and a £237 million contract for works at Kendrew Barracks and Bulwell Army Reserve Centre.”

Steel contractor Severfield posted the highest fall in pre-tax profit among non-housebuilders, as it fell from a £23m profit to a £17.5m loss in the year to March 2025. The firm was hit with a £23.4m charge to remediate bridges that were not in compliance with the client’s weld specification requirements.

Sector-specific activity

Biggest positive swings in housebuilding operating profit and loss account (£)

CompanyLatestPreviousChange (£k)Change (%)
Barratt Redrow 285,500 174,700 110,800 63
Watkin Jones 3,566 -37,970 41,536 na 
Bellway 250,700 212,800 37,900 18
Hill Group 85,034 52,763 32,271 61
Higgins Group 2,216 -28,588 30,804 na 
   Biggest increases in housing operating profit (£k)
CompanyLatestPreviousChange (£k)Change (%)
Barratt Redrow 285,500 174,700 110,800 63
Hill Group 85,034 52,763 32,271 61
Morgan Sindall 168,500 140,600 27,900 20
Persimmon 369,200 346,900 22,300 6
Berkeley Group 500,000 479,700 20,300 4
  Biggest increases in housing operating profit (%)*
CompanyLatestPreviousChange (£k)Change (%)
Henmead 4,941 1,116 3,825 343
Stonebond 1,725 650 1,075 165
Barratt Redrow 285,500 174,700 110,800 63
Hill Group 85,034 52,763 32,271 61
Beacon Hill Group 21,716 15,136 6,580 43

* Only housebuilders recording a profit in both years are included

Biggest positive swings in contracting operating profit and loss account

CompanyLatestPreviousChange (£k)Change (%)
Newarthill (incl McAlpine) -2,616 -101,239 98,623  
Willmott Dixon 43,270 -16,733 60,003  
Keller Group 205,100 153,100 52,000 34
Skanska 54,070 6,277 47,793 761
Bam 67,459 21,044 46,415 221

  Biggest increases in contracting operating profit (£k)  

CompanyLatestPreviousChange (£k)Change (%)
Keller  205,100 153,100 52,000 34
Skanska 54,070 6,277 47,793 761
Bam 67,459 21,044 46,415 221
Morgan Sindall 168,500 140,600 27,900 20
Galliford Try 39,700 13,000 26,700 205

Biggest increases in contracting operating profit (%)*

CompanyLatestPreviousChange (£k)Change (%)
Skanska 54,070 6,277 47,793 761
Henmead 4,941 1,116 3,825 343
Speller Metcalfe 2,584 680 1,904 280
Bam 67,459 21,044 46,415 221
Galliford Try 39,700 13,000 26,700 205

* Only contractors recording a profit in both years are included   

 

Margins

So how good is the sector at converting income into profits?

This year the overall pre-tax margin of the top 150 contractors and housebuilders fell from 3.9% to 3.5%, while the overall operating margin was also squeezed, dropping from 4.2% to 4.1%.

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A total of 68 firms saw their margin drop year-on-year, while 82 posted an increase.

The average housebuilding operating margin was 8.1%, down from 9.8% the previous year. Unsurprisingly, contracting margins were tighter at 2.3%, but this figure was an increase on the 1.7% seen the previous year.

Margins: risers 

The biggest overall pre-tax margin posted in a firm’s most recent financial accounts was by Emerson Developments. In its accounts Emerson points to a solid performance in its UK division (a mix of housing, commercial property and contracting) but an “exceptional” performance in its US division, boosted by selling some land in Florida.

Biggest pre-tax margin in latest year

CompanyLatest (%)Previous (%)Change (% point)
Emerson Development 30.8 5.1 25.8
Berkeley Group 21.3 22.6 -1.3
Bloor Homes 16.6 21.3 -4.6
Chartway Group 14.9 6.5 8.3
Gallagher Group 13.1 11.9 1.3
Persimmon 11.2 13.0 -1.7

Berkeley Group posted the highest pre-tax margin, of 21.3%, although this was down on its margin of 22.6% the previous year. Its pre-tax profit fell by 5.1% to £528.9m, with profit from joint ventures dropping from £65.6m to £14.7m as it built more homes in the South-east of England region rather than in London. Bloor Homes, Chartway Group  and Gallagher Group all posted substantial pre-tax margins of 16.6%, 14.9% and 13.1% respectively.

In the table of firms with the biggest percentage point increases in margin, Emerson Developments again led the way with its 25.8 point increase.

Biggest increase pre-tax margin position

CompanyLatest (%)Previous (%)Change (% point)
Emerson Development 30.8 5.1 25.8
Higgins Group 0.1 -15.0 15.2
Newarthill (McAlpine) 5.3 -9.6 14.9
Bouygues -8.6 -19.1 10.5
Watkin Jones -0.1 -10.3 10.2
Chartway Group 14.9 6.5 8.3

Several other firms posted a high increase in their pre-tax margin as they moved from a loss into profit or substantially reduced their losses.

Higgins Group  increased its margin by 15.2% to 0.1%, due to the fact it returned to the black in the year to July 2024 after two years of losses caused by delays on schemes because of second-staircase rules and building remediation work.

Bouygyes and Watkin Jones both improved their margin position, by 10.5 and 10.2 percentage points respectively, but still scored negatively as both firms made a loss. Bouygyes’ change in margin came as it halved its pre-tax losses from £62.1m to £32.3m year-on-year. The firm has said subcontractor failures, labour availability and building safety liabilities took the company’s cumulative losses over the past three years to more than £130m. Watkin Jones reduced its losses from £42.4m to just £307,000. It said it made a loss due to provisions for remediation work under the Building Safety Act.

Chartway Group, however, increased its margin while remaining in the black both years. The group increased its margin by 8.3 percentage points to 14.9%. Its pre-tax profit rose from £10m to £22.2m; this was helped by a £22.9m exceptional credit due to the writing-off of debt offset by £1.8m of impairment.

Fallers

The firms whose pre-tax margin worsened by the most in the latest year include the aforementioned Crest Nicholson. Croudace Homes’ margin fell by 19.6 percentage points to -15.9%. It said its £22.9m loss in the year was due to admin costs and writing-down of land value. 

Morris Homes’ margin position fell by 12.2 percentage points to -9.1%. It fell from a profit of £7.7m to a loss of £15.6m, which it put down to the impact of more difficult trading conditions due to higher interest rates.

 

 

 

 

 

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