Firm says framework contracts send numbers heading north

The cost management business of Gleeds improved turnover and profit last year, its latest accounts filed at Companies House show.

Results for Gleeds Cost Management show revenue was up 26% to £108m with pre-tax profit up one third to £3.4m. Operating profit was up 41% to £3.8m.

In a note accompanying the accounts, the firm said: “The directors are pleased with the increase in revenue which shows a strong performance due to an increased focus on framework contracts. The increase in operating profit is a result of client and project mix.”

Gleeds Bristol

Gleeds Cost Management is part of the wider Gleeds LLP business

Gleeds Cost Management is part of Gleeds LLP which has around 3,000 staff working out of 78 offices in 26 countries.

Over the summer, the firm inked a refinancing deal with HSBC believed to be worth around £50m.

At the time it said the move would allow Gleeds to target new markets and grow its business in existing regions such as South America, with the firm looking to double revenue to £600m and employees to 6,000 within five years.

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