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Thu June 17 2021

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Rail work boosts Spencer Group's turnover

4 Dec 20 Latest financial results of Hull-based engineering specialist Spencer Engineering Group show 17.5% growth turnover.

Spencer’s accounts for the year ending 31st March 2020 show turnover up from £55m to £66m.

However it once again made a loss, this time £23,000 before tax (2019: £166,000 loss).

The privately owned company does a lot of work in the rail sector, including bridge renovations, but is active across various industries, including nuclear energy and marine engineering.

During the last financial year Spencer also reported a strike rate of 46% of tenders won and entered the current financial year with secured work with a value of £55m.

Spencer Group’s flagship works over year included a £30m rail capacity enhancement project at Stevenage station in Hertfordshire, completed a year ahead of schedule.

It was also appointed during the year to carry out a long-term maintenance programme on Scotland’s Erskine Bridge.

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More recently, Spencer has begun work to refurbish and rebuild the 200-year-old Union Chain Bridge linking England and Scotland. The company was appointed by Northumberland County Council to dismantle the historic crossing over the River Tweed and carry out a complete rebuild to mark its bicentenary. 

Executive chairman Charlie Spencer said: “These encouraging results reflect our focus on our core strength of delivering challenging engineering projects. We’ve continued to do this by utilising our exceptional in-house design and construction expertise across multiple sectors to provide competitive advantage.

“Our growth strategy has been to target projects that specifically match our capabilities and specialist knowledge.

“We have a strong order book going forward and we are confident of exciting future opportunities, particularly in rail infrastructure and maintenance facilities and the repair, refurbishment and maintenance of bridges, two fields in which we are acknowledged industry leaders.

“The Covid-19 pandemic has presented challenges to every business but we remain in robust financial health and move forward from a position of strength.”

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