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Sat July 20 2024

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Year of consolidation for Glencar

15 Jan After stellar growth in 2022, Glencar Construction saw its revenue dip slightly in 2023 but profitability get back on track.

In the year to 30th September 2023, Glencar Construction Ltd turned over £400.6m (2022: £417.8m) and make a pre-tax profit of £3.4m (2022: £796,000). Gross profit was 5.0% (2022: £3.6%).

Parent company Glencar Construction (Holdings) Ltd, set up in 2021, posted revenue of £405.9m (2022: £417.9m) and pre-tax profit of £2.2m.

Dividends paid out to the co-owners amounted to £764,000 (2022: £593,000).

The business remains debit free but cash in the holding company reduced from nearly £50.7m to £21.7m during the year.

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Chief executive Eddie McGillcuddy, who set up the company in 2016 with former McLaren Construction colleague Chris Gleave, described it as a year of consolidation, after several years of rapid growth, including 160% growth in 2022, when turnover leapt from £160m to nearly £418m, but a return to growth is expected.

“We have already secured a robust £350m order book for 2004,” he said, “boasting strong margins and well-established delivery teams. Our commitment to innovation and integration of smart processes and technology is on the rise, ensuring that we stay at the forefront of industry trends.”

He continued: “Following a year of consolidation, we are targeting 10-20% revenue growth in the next financial year. The ambitious goal is underpinned by our strategy of cultivating repeat business with our customer community while actively exploring strategic opportunities with new clients in emerging markets.

“A core focus for us remains the sustained improvement of profit margins, all the while maintaining the high standards of service delivery that our clients expect. We are dedicated to achieving this balance and ensuring that our growth does not compromise the excellence of our services.

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