Red forecasts 60% turnover growth

Red Construction Group has said it is on track to grow its turnover by more than 60 per cent in the current financial year.

The main contractor, which has offices in London, Bristol and Bedford, made the announcement as it released its results for the year to 31 March 2023.

Revenue for the period was £62.2m, down slightly from £64.7m in the previous year. Pre-tax profit also fell slightly to £1.1m from £1.5m in 2022.

Incorporated in 2015, the firm has only been large enough to file full accounts since 2022, when it more than doubled its turnover from £24.6m to £64.7m.

A separate statement from the company said that it had secured £100m in contracts for the current financial year and expects to increase this further, partly driven by significant growth in its South West division, where turnover is predicted to rise from £12m to £35m.

Across the whole group, staff numbers have risen from 132 in April 2023 to “just under 200” now. In 2021 it employed 41 people.

Project wins this year included a £31m redevelopment of 55 Pall Mall in central London for PKS Immobilien, a £35m woodland village for Legoland, a £13.5m expansion of the St Monica Trust retirement village near Bristol ands office projects for Grosvenor and Hines.

Red Construction Group chief executive Graham Sturge said: “The past two years have been challenging, with a volatile construction market and many businesses suffering along the way.

“In spite of this, we laid the foundations for growth, have doubled our team size and are contracted on projects that will guarantee us a more than 60 per cent revenue uplift.”

He added: “With a record year already on the horizon, we’ll continue to push what Red Construction has built its reputation on: creating long-lasting relationships, channelling real enthusiasm for the work, and delivering great schemes our people and our clients are proud of.”

Source link

About The Author

Scroll to Top