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Thu June 24 2021

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Profits boost for FM Conway

10 Jun 20 Highway maintenance contractor FM Conway posted a pre-tax profit of £12.7m for the year ended 31st March 2020, which was more than triple the previous year’s profit of £3.6m.

FM Conway headquarters in Sevenoaks
FM Conway headquarters in Sevenoaks

This was on turnover up just 2.6% to £325.7m (2019: £317.4m).

Operating profit, excluding amortisation of goodwill and one-off profits on the sale of property, grew more than fourfold to reach £22.3m (2019: £5.0m).

The company is carrying net debt of £49.4m, down from £59.3m a year before.

Despite the health crisis and the impact of Covid-19 disruption to business, FM Conway has continued working through it and winning business and investing in capacity. It has recently invested in a new asphalt plant in Newhaven on the East Sussex coast. And last month it won a £70m highways term maintenance contract renewal with the London Borough of Southwark.

It is also starting to spread geographically. With headquarters in Sevenoaks, Kent, FM Conway has traditionally focused on London and the southeast, but is now moving into the southwest.

Chairman Michael Conway said: “We are encouraged by the start that we have made to the new financial year. We have increased our capacity in the south coastal area of Newhaven and continue to invest in our business and plant and machinery. The board believe that we are well position to deliver a strong performance in the current year and continue to service our customers and communities to the highest standards of service.”

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