Leeds-based Torsion Construction has more than doubled its turnover to £117m.
The contractor said its turnover increased by £60m in the year ending 30 June 2024 as a result of its average contract size increasing from £15m to £40m. The group also increased its order book from £122m to £500m.
During the year Torsion Construction’s average headcount increased from 84 to 129, with the group hiring a new managing director and regional director. It also handed over its largest project to date, a £57m luxury housing scheme in central Leeds (pictured).
Torsion Construction operates across the North of England and Midlands, with 57 per cent of its workload coming from its sister company Torsion Developments, which develops build-to-rent and private housing schemes.
Group chief executive Dan Spencer welcomed the firm’s “continued stabilised profit”, with pre-tax profit more than tripling from £116,000 to £404,000. However, the contractor’s pre-tax profit margin remained low at 0.3 per cent.
In a strategic report accompanying the accounts, Spencer said profitability was “still impacted by lower margins on a number of contracts won during Covid-19 and pre-inflation pressures”.
But he added: “Future years are expected to improve year on year as these contracts are now closed out.”
Torsion Construction said it was targeting turnover in excess of £200m in 2026, while also aiming to strengthen its balance sheet – where net assets increased from £500,000 to £2.7m in its last financial year.
Since the period covered by the latest accounts, the contractor announced a joint venture with Housing Growth Partnership to deliver the £53m Hollis Croft residential build-to-rent project in Sheffield.
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Will Ing