Construction and civil works firm CField has revealed its revenue doubled despite uncertainty over the UK’s macroeconomic outlook.
The London-registered firm’s latest financial statement, published on 6 September, revealed revenue had leapt to £141.8m for the 12 months to December 2023 from £71.7m in the previous year.
Pre-tax profit reached £271,000 compared with £14,700 in 2022.
In their strategic report accompanying the accounts, CField directors Barry Crowley and Patrick Crowley said that the improved turnover was achieved without making significant changes to the firm’s activities.
The directors stated that keeping the business in the black had been in part due to monitoring the debtor book “on a day-to-day basis”.
Growth “is continuously being achieved through the investment in certified environmental management systems while delivering projects to the highest quality”, they added.
Commenting before the Bank of England base rate cut was announced on 1 August, they also said that high interest rates and the UK’s economic outlook were among the “uncertainties beyond our control” that could affect CField’s performance in the year ahead.
Cash in the bank stood at £8.1m – more than double the £4m recorded in the previous year.
CField employed a monthly average of 62 employees in the financial year, up from 57 in 2022.
Projects for the firm have included student accommodation blocks and the conversion of the former Bodmin jail in Cornwall into a hotel (pictured). Since the period covered by the accounts, CField also began construction on the Guildford Plaza mixed-use scheme in Surrey.
