In the year to 31st March 2021, FM Conway turned over £478.1m, up from £338.2m the previous year, to reach a new high for the company in its 60th year.
Much of the growth was down to the March 2021 acquisition of Toppesfield, in which FM Conway had had a stake since 2017. Toppesfield brought an addition £80m of turnover, but there was still more than £60m of organic growth within the continuing business.
Operating profit (before amortisation) was also a record at £31.3m.
However, the bottom line saw a fall in profits – pre-tax profit was down 13% to £17.2m (2021: £19.8m).
Chief executive Adam Green said: “The group responded well to mitigate cost increases, particularly in relation to driver shortages earlier in the year and increased energy costs in the second half… The group is well positioned for continued success.”
However, the year was marked by the death of chairman Michael Conway in March, with his daughter Joanne Conway taking over at the helm of the family business. [See previous report here.]
Got a story? Email news@theconstructionindex.co.uk
