{"id":810394,"date":"2024-12-06T10:12:02","date_gmt":"2024-12-06T16:12:02","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/06\/turnover-surges-and-profit-doubles-at-red-construction\/"},"modified":"2024-12-06T10:12:02","modified_gmt":"2024-12-06T16:12:02","slug":"turnover-surges-and-profit-doubles-at-red-construction","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/06\/turnover-surges-and-profit-doubles-at-red-construction\/","title":{"rendered":"Turnover surges and profit doubles at Red Construction"},"content":{"rendered":"
\n

Red Construction Group has posted a record revenue of \u00a3114.8m for the year ending 31 March 2024, an 85 per cent rise on the previous year\u2019s figure of \u00a362.1m.<\/span><\/p>\n

Pre-tax profit for the year increased to \u00a32m, up from \u00a31.1m in fiscal year 2023.<\/span><\/p>\n

The company attributed its performance to successful project delivery on schemes worth under \u00a350m across its core markets, including commercial, residential and hotel sectors.<\/span><\/p>\n

Notable completions during the year included schemes at Legoland Windsor for Merlin Entertainments, 80 New Bond Street for Hines, and Grosvenor Gardens for Grosvenor Estate.<\/span><\/p>\n

Red Construction chief executive Graham Sturge said: \u201cTwelve months ago, we predicted 2023\/24 would be a huge milestone for the business, and I\u2019m proud that we\u2019ve met that and more, with a turnover comfortably over the \u00a3100m mark for the first time.\u00a0<\/span><\/p>\n

\u201cWe\u2019ve also sustained a robust profit margin \u2013 an important element of the stable, considered growth we want to achieve year on year.\u201d<\/span><\/p>\n

Sturge added that the firm was \u201cconscious of the volatility of our market\u201d and would maintain a focus on risk management, stable growth and support for its supply chain partners.<\/span><\/p>\n

The group declared a dividend of \u00a3251,000 during the year and maintained a strong cash position, financing operations without the need for external funding. Cash and cash equivalents rose from \u00a35.1m in the previous year to \u00a39.6m.<\/span><\/p>\n

Looking ahead, the group forecasted revenues of more than \u00a3130m for FY25, underpinned by a \u201cstrong\u201d order book and a pipeline of secured and anticipated projects.<\/span><\/p>\n

Red Construction said its performance was supported by strategic initiatives aimed at broadening its market reach and operational efficiency.\u00a0<\/span><\/p>\n

The launch of the firm\u2019s special projects division, which focuses on structural alterations and refurbishment contracts up to \u00a310m in value, has allowed it to address niche opportunities in urban areas and on restricted sites.<\/span><\/p>\n

The group also strengthened its regional operations, with its South West division continuing to expand its footprint in Bristol and the surrounding areas.<\/span><\/p>\n

The group acknowledged ongoing risks associated with inflationary pressures, supply chain disruptions and credit risks, emphasising a focus on maintaining financial discipline, including stringent working capital management and rigorous tender review processes to reduce risk.<\/span><\/p>\n

In an<\/span> interview with <\/span>Construction News<\/span><\/i><\/a> earlier this year, Sturge (pictured) said the firm was happy to stick mainly with medium-sized projects.<\/span><\/p>\n

\u201cWe try and aim to have a maximum of two jobs that we regard as big jobs,\u201d he said.<\/span><\/p>\n

\u201cIf something goes wrong on a \u00a340m job rather than a \u00a320m job, it\u2019s twice the problem. On the margin recovery, it\u2019s a small percentage. So the risk versus return isn\u2019t quite there to go big and bigger.\u201d<\/span><\/p>\n<\/div>\n

Read More<\/a>
\n Colin Marrs<\/p>\n","protected":false},"excerpt":{"rendered":"

Red Construction Group has posted a record revenue of \u00a3114.8m for the year ending 31 March 2024, an 85 per cent rise on the previous year\u2019s figure of \u00a362.1m. Pre-tax profit for the year increased to \u00a32m, up from \u00a31.1m in fiscal year 2023. The company attributed its performance to successful project delivery on schemes<\/p>\n","protected":false},"author":1,"featured_media":810395,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22203,110484],"tags":[],"class_list":["post-810394","post","type-post","status-publish","format-standard","has-post-thumbnail","category-surges","category-turnover"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/810394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=810394"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/810394\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/810395"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=810394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=810394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=810394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}