Revenues and profits climb at portable and modular buildings firm

Offsite construction business, Thurston Group, has published its latest financial results, with growth in revenue and pre-tax profit despite difficult market conditions.

Headquartered in Wakefield, with additional manufacturing sites in Hull and Catfoss, Thurston Group designs and manufactures modular buildings for sectors including construction, education, healthcare, and nuclear.

The group has seen turnover increase by 8%, with revenue growing from £47m in 2022 to £51m for the year ending October 2023. Pre-tax profit also increased to £11.4m from £8.1m the year before.

Under the leadership of managing director Matt Goff, who joined in 2018, Thurston Group has experienced year-on-year growth, doubling turnover in the past six years from £24m.

This is despite volatility in the construction sector as the industry continues to rebound from the challenges posed by the pandemic with a number of competitors folding in the past year.

Thurston Group attributes its success to its stronghold across multiple industry sectors.

It notes it has also focused on offering higher-end modular buildings which are typically more permanent, gaining market share in the education and health sectors as well as traction in new markets such as infrastructure, transport and commercial buildings.

With the UK construction sector set for growth following Labour’s changes to planning laws Thurston expects to see further growth.

Goff said: “I’m happy to report another year of solid growth. Our continued success reflects our steadfast dedication to excellence, sustainability, and stakeholder value creation.”

“As we embark on the next phase of our journey, we continue to invest in the development of our product and services offering, as well as in our staff, recognising that their skills and expertise are key to our success.

“We are driving continuous improvement through the modernisation of the business infrastructure and expanding our core product range through in-depth material testing and R&D.

“With a strong order book and increasing shift to modern methods of construction, motivated by a skills shortage and product performance targets, we are well-positioned for another record year and have an exciting pipeline of opportunities from both repeat and new customers.”