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News » UK » McLaren turnover up 25% to £600m » published 5 Feb 2018

McLaren turnover up 25% to £600m

McLaren Construction Group has posted results showing 25% revenue growth with gross margins also improved.

McLaren has a £48m contract to refurbish New Bracken House in London Above: McLaren has a £48m contract to refurbish New Bracken House in London

In the year to 31st July 2017, McLaren Construction saw its turnover grow by £119.8m to £600.3m. Over the past five years the company has now grown at an average rate of 9.8% per year.

Operating profits in fiscal 2017 were £4.4m, up from £3.6m for the previous year, and gross margin increased from 5.3% to 5.6%.

The forward order book indicates that turnover will again top £600m this year.

Chairman Kevin Taylor said: “The outlook for McLaren Construction in the UK and internationally is positive, and the business is now strongly positioned to grow and further enhance its position as one of the industry’s leading privately-owned construction companies.

“We have not detected any distinct slowdown in either business or enquiries since Britain voted to leave the European Union. In fact, in those situations where we had anticipated contracts being cancelled or delayed, clients have chosen to proceed. Of course, in light of industry-wide economic concerns, we’ll remain cautious for the longer duration.”

He added: “We forecast continued growth in turnover whilst remaining selective on the contracts we undertake. We remain focused on our core operating sectors whilst selectively reviewing opportunities in new markets.”

Current building projects include an £18m office development for Grosvenor Estates and a £40m commercial building for Viridis Real Estate at 119 Farringdon Road. McLaren also has a £48m contract to refurbish and fit-out of New Bracken House in the City of London for the Obayashi Corporation, delivering a new London HQ for the Financial Times.

 

MPU

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This article was published on 5 Feb 2018 (last updated on 5 Feb 2018).

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