Glencar more than doubled in size last year but saw its profits fall by two-thirds.
In the year to 30th September 2022, Glencar Construction Ltd turned over £417.8m, up from £160.4m the previous year (and £144.8m in 2020).
Last year The Construction Index ranked Glencar at 96th in our annual Top 100 rankings of UK contractors. This year it is set to make the top 50 for the first time.
However, with hefty administrative expenses and rising prices, margins took a hammering; the pre-tax profit was a slim £796,000, down from £2.3m the previous year.
During the year Glencar completed 34 projects, up from 25 the previous year, with an average contract value of £13.2m, up from £9.5m in 2021.
Along with this, headcount at Glencar has doubled from around 100 to more than 200.
Glencar Construction was established as recently as 2016 by Eddie McGillcuddy, along with former McLaren Construction colleague Chris Gleave. Like McLaren, Glencar specialises in commercial and industrial construction as well as shops and schools.
Eddie McGillcuddy wrote in the annual report: “Looking forwards, we are targeting continued growth, with a committed forward order book in excess of £400m. This growth will be driven by repeat business with out key client base, whilst exploring strategic opportunities with new clients and in new markets. We aim to improve on current profit margins, whilst ensuring the service we provide our customers remains market leading.”
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