“Extensive” public sector work has helped specialist offsite company Reds10 see its third consecutive year of growth in both revenue and profit.
Reds10 revenue for the year to 31 March 2023 rose 32 per cent to £83.8m, more than double from £37m in 2020/21 of pounds
The company’s pre-tax profit rose 17 per cent to £5.6m, up from £1.3m in 2020/21.
The privately owned company, which is based in London, said it had a “broad pipeline of government work”.
It has started £60m of construction work on separate projects for the Ministry of Justice, the Department for Education and the Ministry of Defence.
In addition, the company has places on frameworks such as the Crown Commercial Service’s Offsite Construction Solutions and the London Housing Consortium’s new Modern New Home Building Methods Framework.
The company’s current work for the army includes a £13 million project to upgrade soldiers’ living spaces at Imjin Barracks in Gloucestershire, which is due for completion this summer. It is also building low-carbon course accommodation blocks for the Defense Transport School in East Yorkshire.
Reds10 also grew its workforce, with 276 employees at year-end, representing an annual increase of 69%. It also expanded its manufacturing facility in East Yorkshire, where it increased production capacity by 25 percent.
Chief executive Matt Bennion said: “Our strong portfolio of secured work is a testament to Reds10’s focus on innovative products that fit customer needs, our unique platform approach, integrated delivery vertically, the continuous commitment to product innovation and internal design capabilities.”
He added: “Our mission is to change the way spaces are designed, built, financed and operated, showing that MMC can deliver better, faster and more sustainably compared to traditional methods.”
Reds10 has been shortlisted in the specialist contractor of the year category at the 2023 CN Specialist Awards.
