FM Conway lauds ‘significant progress’ as profit jumps

Profit and turnover at contractor FM Conway have risen in its latest accounts, filed months after its acquisition by Vinci Construction was confirmed.

FM Conway reported a pre-tax profit of £33m in the year to 31 March 2025, up on the previous year’s tally of £29.4m. Turnover also rose, from £579.8m to £608.3m.

Chief executive Andrew Hansen said his firm had achieved “significant progress with respect to our strategic development” over the past year. Turnover was up, he added, “despite the economic challenges” facing the construction industry.

In January, Vinci Construction formally took over FM Conway after a share-purchase agreement was signed last October.

The terms of the deal were not included then, but the latest accounts state FM Conway’s debt and hire purchase debt were fully repaid “as part of the acquisition” by Vinci.

The France-based  contractor also cancelled FM Conway’s revolving credit facility after the acquisition was completed.

Hansen said the acquisition marked the “beginning of an exciting new chapter for our business, providing us with enhanced capabilities to support our continued strategic growth and further strengthen our focus on innovation and sustainability”.

Over the past year, FM Conway increased its average monthly staff headcount by nearly 100, from 2,254 to 2,332.

Cash at hand also grew, from £70.4m to £74.4m.

FM Conway listed its job to restabilise London’s Hammersmith Bridge, the refurbishment of the Piccadilly Underpass and resurfacing works at Trafalgar Square among the projects it completed over the course of the year.

It also snapped up spots on two major frameworks with West Sussex County Council, as well as an extension to its maintenance contract with Kensington and Chelsea Council, and a five-year drainage contract with Leicestershire County Council.

Looking ahead, FM Conway’s chief financial officer Mark Goldsworthy said the firm was “well-positioned to sustain the high turnover levels of FY25” thanks to its growing order book and long-term contracts.

“We expect the business to continue the strong performance it has delivered,” he added.

FM Conway has continued to trade under its name following the acquisition. Joanne Conway, the granddaughter of Frank Conway, who founded the firm in 1961, left her position as group chair after Vinci’s acquisition was confirmed.

Both firms featured in the latest annual CN100 index of top contractors, with Vinci in 8th place and FM Conway 37th.