A focus on industrial markets has led to business mushrooming at Glencar Construction, creating a forward order book of £180m.
In the year to 31st March 2019, Glencar turned over £22.1m and made a pre-tax profit of £774,000. It subsequently changed its financial year so a direct year-on-year comparison does not apply.
However, in the 18 months to 30th September 2020 it turned over £144.8m from 29 project instructions, making a pre-tax profit of £2.8m.
An annual turnover of around £150m or £160m is enough to reach the bottom edges of The Construction Index Top 100 Construction Contractors. On current showing, Glencar Construction is set to make the list within the next year or so.
The company is owned and run by Eddie McGillycuddy and Chris Gleave, who previously worked together at McLaren Construction, before setting up Glencar in St Albans.
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Its focus has been on the industrial, logistics, distribution, pharmaceutical and manufacturing sectors – this year it built the vaccine production facility on the Harwell science campus.
Over the past year 50 new employees have been hired, and a satellite office opened in Birmingham.
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.”
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