Glencar Construction has more than doubled its turnover to put it among the country’s biggest contractors.
The Hertfordshire-headquartered company, formed in 2016 by ex-McLaren staff, saw its revenue grow to £417.8m in the year to 30 September 2022, from £160.4m the year before.
The firm, which has only been large enough to be required to publish full accounts since 2020, previously turned over £144.8m in the 18 months to 30 September 2020.
It would now be among the top-40 largest contractors in the UK based on last year’s CN100 index ranking.
However, pre-tax profit was down in its latest financial year to £796,000, from £2.3m in 2021.
In a statement accompanying the accounts, chief executive Eddie McGillycuddy said the firm took on 27 new clients in the period.
He added: “The company has shown another strong year of growth and has remained profitable despite challenging economic conditions.
“Profit margins have been impacted in the year by unprecedented price inflation and investment into the business.”
The company took on more than 100 new employees in the period, and opened new offices in St Albans and Manchester, and expanded into Ireland.
Initially focused on warehouses, logistics and life-sciences projects, the company also now works on schools and hotels.
Work won in 2022 included a 31,500 square metre logistics and industrial scheme in Barnsley, South Yorkshire, and a £23m UK headquarters for power-tool maker Stihl (pictured), replacing collapsed contractor Midas on the scheme.
During the year it was also linked with a takeover of elements of Midas’s business, though this did not ultimately happen.
Glencar said its average contract value won in the year was £13.2m, up from £9.5m the year before.
McGillycuddy added: “Looking forward, we are targeting continued growth, with a committed forward order book in excess of £400m. This growth will be driven by repeat business with our key client base, while exploring strategic opportunities with new clients and in new markets.
“We aim to improve upon current profit margins, while ensuring the service we provide our customers remains market-leading.”
Glencar first came to prominence when it won a contract to deliver the national Vaccines Manufacturing and Innovation Centre in Harwell, Oxfordshire, a project that was started earlier than planned in April 2020 due to the pandemic.
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Ian Weinfass