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.

Aerial view of Harwell Campus in Oxfordshire, 2019

Source: Harwell Campus

Last year, the firm won a new contract for work on the Harwell Campus in Oxfordshire

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.

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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.