Contractor and developer the Casey Group has grown its revenue in the face of “challenges” that saw its profit dip slightly.
Newly released accounts covering the year to 31 July 2024 show that the company, headquartered in Rochdale, Greater Manchester, boosted turnover to £88.6m from £80.1m in 2023.
Its pre-tax profit for the period was £2.2m, down from £2.5m in the prior 12 months.
The company operates in Northern England and the Midlands, and its diverse activities include housing, education, healthcare, parks, estate regeneration, highways and civils. It also supplies quarrying plant and equipment.
In a statement included with the accounts, the firm said the construction industry is “a highly competitive market, grappling with challenges from inflation and government policies”.
“Planning delays and a lack of clarity in respect of government funding to our clients is detrimental to the delivery of housing and continues to slow progress in the contract new-build sector and private development sectors,” it said.
“The group’s further growth within its refurbishment business, especially in high-rise and energy-efficiency work, has helped to compensate for delays in new build.”
However, it noted that the Building Safety Regulator gateway two process has introduced “significant delays” to high-rise projects, an area it nevertheless expects to grow its activities in.
The firm said its profit was down due to higher overheads including greater investment in business development, human resources and IT.
It added that the investment should help it win future work as well as recruit, retain and “care for” its workforce, which stands at around 250 employees.
During the year it landed places on frameworks including a £260m construction works framework with the University of Manchester and the £1bn North West Construction Hub’s Medium Value Construction Framework.
Group companies include P Casey & Co, P Casey (Land Reclamation), P Casey (Developments) and Casey Plant Services.
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Ian Weinfass