Turnover rises to £65.3m at offsite construction firm
East Yorkshire-based offsite construction specialist, Premier Modular, has announced a strong financial performance with a 23% increase in turnover to £65.3m.
Its latest accounts also include a 35% rise in profit to £10.6m.
The business has grown year-on-year for both offsite construction solutions and temporary modular buildings for hire.
It has committed to invest £12m in its modular hire fleet – making it one of newest fleets in the sector.
Operating cashflow has increased by nearly 400% to £5.5m, providing a solid platform for growth.
David Harris, managing director of Premier Modular, said: “This strong financial performance is down to clarity of strategy and a really exceptional team across the business.
“We have focused on our customers and how we can offer a fast response and unrivalled flexibility to meet the specific requirements for each project.
“This has definitely added value to our building solutions and has resulted in a high level of repeat business.
“We have a healthy balance sheet, an outstanding supply chain and will continue to invest in our capital growth.
“We have diversified into a range of market sectors which further reduces risk in an uncertain economic climate.
“In the past year, we have achieved significant growth with our modular apartments and in particular in the development of rapid building solutions to provide housing for the homeless.
“We are also building on the success of our hire business in London to supply construction site accommodation to major national and regional contractors across the UK.
“We continue to receive a healthy level of enquiries in every sector – from healthcare and education to commercial, infrastructure and construction.
“Our project pipeline for both bespoke offsite construction and temporary modular buildings is very positive with a number of major contracts already in place for delivery in 2021.”
Current projects include a £9m offsite housing project in High Wycombe for Buckinghamshire Council to build apartments for homeless families and a £1.7m fast-track ward building at North Middlesex University Hospital.
Premier has expanded its workforce in Brandesburton with an additional 85 people since March 2020, which includes a number of apprentices.
Work continued on all but two Premier construction sites throughout the pandemic last year.