Hertfordshire cntractor eyeing 10% growth this year
Glencar increase profit on reduced turnover last year, the firm’s latest results show.
The St Albans-based contractor recorded profit of £3.4m in the year ending 30 September 2023, up nearly 330% from the £796,000 it posted in 2022.
But turnover was down 4% to £401m, substantially lower than the £550m-£600m the business was targeting for the year.
Glencar said it is now aiming for revenue growth of between 10% and 20% for the coming financial year, which it said was underpinned by a “strategy of cultivating repeat business”.
Repeat business accounted for 65% of turnover in its latest accounts, compared with 40% in 2022. Its average contract value was also 28% up, standing at £16.9m.
>> Read more: Glencar’s founders on boxing clever and why warehouses can be beautiful
Chief executive Eddie McGillycuddy, who co-founded the business in 2016, said the focus over the past year had been on “consolidation and building a strong platform for the future”, including “substantial investments” across the company.
The firm has a £350m order book for 2024, which includes work in the industrial and logistics sectors, as well as data centres, life sciences, film studios and fit-out.
Last April, the firm landed a major contract to build a £150m innovation and technology centre in Oxfordshire for US pharmaceutical giant Moderna.
No comments yet