Figure grows by a quarter as operating profit inches up
McLaren Construction Group has seen turnover grow by a quarter to exceed 拢600m having seen no knock-on effects from Brexit.
Announcing its financial results for the 12 months for the year to 31 July 2017, turnover surged 25% by 拢119.8m to 拢600,3m, with the firm鈥檚 overall company revenue increasing at an average rate of 9.8% per annum in the past five years.
Operating profit creeped up to 拢4.4m from 拢3.6m in the previous year, with gross margin increasing from 5.3% to 5.6%.
The contractor said its forward order book continues to look 鈥渞obust鈥, with 100% of turnover secured for 2017/18, and turnover forecast to exceed 拢600m again.
Kevin Taylor, chairman of McLaren Group, said: 鈥淭he outlook for McLaren Construction in the UK and internationally is positive, and the business is now strongly positioned to grow.
鈥淲e have not detected any distinct slowdown in either business or enquiries since Britain voted to leave the European Union. In fact, in those situations where we had anticipated contracts being cancelled or delayed, clients have chosen to proceed. Of course, in light of industry-wide economic concerns, we鈥檒l remain cautious for the longer duration.鈥
It said its commercial portfolio remained 鈥渟trong鈥, with the completion of the back to shell refurbishment of Belmont, a 250,000ft2 office building for Aviva in Uxbridge, as well as Herbal House, a 150,000ft2 commercial development for Aerium in Farringdon.
Ongoing commercial projects include an 拢18m office development for Grosvenor Estates, and 199 Farringdon Road, a 拢40m commercial building for Viridis Real Estate.
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