CN Specialists Index 2024: top 10 scaffolding contractors

This year’s scaffolding index includes just one new entrant but the top and bottom of the rankings have changed.

All 10 firms recorded a profit in their most recent accounts and the median pre-tax margin rose to 7.6 per cent compared with 5 per cent in 2023’s index. Turnover broke through the billion-pound mark at £1.13bn, up from £957.9m – an increase of 18 per cent.

Altrad UK took the top spot with revenue of £352.1m for the year to 31 August 2023, up from £241m the previous year. Its margin was down slightly, from 8.4 to 8 per cent. The acquisitions of engineering maintenance specialists Sparrows and Endel in 2022 improved Altrad’s ability to expand relationships “with current and potential clients”, the firm said in its latest accounts. But Altrad faces the same skills shortage issue as other construction firms. John Walsh, chief executive for Altrad UK, Ireland & Nordics, says: “The main limitation for future growth is finding the right quality and quantity of people.”

Last year’s leader Kaefer takes second spot with revenue of £317.9m against the previous year’s £259.4m.

Lyndon SGB remained in third place with revenue of £152m up from £139.6m, although it had not filed its latest accounts before the data collection cut-off date.

Fourth-placed TRAD Group’s turnover fell by 24 per cent to £73.4m. In its latest accounts, the firm said it remained “competitive in a market experiencing price fluctuations”. Cost-control measures enabled TRAD to move from a £500,000 loss in 2021/22 to a £2.8m profit the year after.

Fifth-placed Enigma Industrial posted turnover of £68.2m in 2023 against £62.8m the previous year. Its pre-tax profit was £2.9m compared with £2.7m in 2022, resulting in an unchanged margin of 4.3 per cent. The firm said in its accounts that high interest rates affecting mortgages meant a slow first quarter.

Alltask stayed in sixth spot with revenue of £44.9m against £30.2m the previous year. Profit rose from  £1.9m to £6.5m.

Brogan Group came close to Alltask with turnover of £43.2m for 2023 against £40.2m in 2022, securing seventh place.

Moving up from ninth to eighth is GKR Scaffolding. Sales increased by 21 per cent for the Kent-based firm to help turnover reach £31.3m against £25.9m for the previous year. Pre-tax profit was £3.4m compared with £1.2m in the previous year. In its latest accounts, the firm warned of increased shipping costs for materials, adding that the “supply of appropriately skilled labour continues to be an issue”.

The only new entry in this year’s table is Palmers Scaffolding in ninth place. The Chester-based firm made a pre-tax profit of £2m from revenue of £23.8m.

PHD Modular Access fell two places to the foot of the table. The firm’s turnover decreased to £22.9m from £29.7m in 2021/22. Its pre-tax profit was also down slightly at £1.5m against £1.6m for the same period.

Robert Candy, chief executive of the Scaffolding Association, says that the figures confirm a “mixed bag” for scaffolding firms. “Rising interest rates have created considerable pressure on our members, resulting in tighter budgets and project delays. We are starting to see signs of recovery. Many contractors are adapting to these challenges by optimising operations and seeking new opportunities. As the market stabilises, it’s essential for scaffolding companies to remain agile and proactive, leveraging this recovery phase to strengthen their positions and invest in future growth.”

UK’S TOP 10 SCAFFOLDING CONTRACTORS

Notes: Altrad UK Includes Altrad Services (formerly Cape Industrial) and Altrad NSG. Lyndon SGB No new accounts filed since previous Specialists Index.