Project delays hit Glencar’s turnover and profit

Glencar has reported a drop in turnover and profit following project delays to several schemes.

The multi-sector contractor, in its accounts reported turnover of £360.3m, down 11% on the £406.8m reported for the previous year. Its pre-tax profit fell from £4.8m to £3.9m over the same period.

It said: “The 2025 financial year represented a transitional period for the group, shaped predominantly by the later-than-planned mobilisation of several major schemes, which had their starts delayed by external market factors.

“These projects, forming part of the Group’s largest pipeline to date, commenced in the second half of the financial year and, as a result, a greater proportion of revenue associated with these projects will now be recognised in 2026. “

Despite the drop, the Hertfordshire-based firm, said its business performance “remained strong”. It said its order book stands at a record level of more than £500m and its gross profit margin has widened from 5.7% to 6.3%.

It said: “The group enters the new financial year from a position of stability and opportunity. Sector diversification, enhanced governance structures, and an expanding talent base provide a solid foundation for sustainable and controlled growth through 2026 and beyond.”

Glencar works across several sectors, including industrial and logistics, life sciences, data centres, commercial, retail and film studio developments.