Record breaking growth for construction firm as order book grows to £180m
A construction firm which opened an office in Birmingham this year has seen revenues surge to £145m while boasting a forward order book of £180m.
In the year to March 31 2019, Glencar Construction reported pre-tax profits of £0.8m on turnover of £774,000, while in the 18 months to September 2020, revenue jumped to £144.8m as pre-tax profit grew to £2.8m. The latest trading period was taken over an 18-month timeframe after Glencar changed it accounting reference date to 30 September for operational and administration reasons.
During the period 29 project instructions were received with an average contract value of £5.2m, up from £2m in 2019.
The year saw the company, which launched in 2016, welcome more than 50 new employees while an office opened in Birmingham to serve key clients in the Midlands and North.
Glencar managing director Eddie McGillycuddy said: “From the outset one of the company’s founding principles is to handle growth in a sensible and sustainable manner. By investing in our people, processes and infrastructure we are creating the solid foundations by which to operate and for the business to succeed.
“Despite these unprecedented times we are living in and the obvious social and economic challenges we are faced with revenue for the period has grown exponentially – driven by key contract wins with a broad range of new customers and through retaining key customer relationships. We have also maintained a high degree of profitability which places Glencar on a strong financial footing.
“We have strengthened our senior leadership team considerably and more than doubled our head count so I am confident we have the right people in the right places to continue to press forward.
“With a committed forward order book of over £180m Glencar is showing no intention of slowing down and looks forward to 2021 with a firm sense of optimism.
On behalf of my fellow directors I would like to express my sincere thanks and appreciation for the hard work and exceptional efforts of everybody at Glencar to reach this notable achievement”.
¹ Trading Period taken over an 18-month period. Glencar made the decision to change their accounting reference date to 30 September, for operational and administration reasons.
