Clancy Group posted record revenues in its latest financial year, its new annual report shows.
The infrastructure-focused contractor posted turnover of £334.5m in the year to 2 April 2023, up from £293m, making it the fifth consecutive year of growth company
The 14 percent jump came amid strong performance in its water, power and civil engineering sectors.
Pre-tax profit also grew, from £9.1m to £11.4m, giving it a pre-tax margin of 3.4%.
Clancy said it benefited from earlier investments in plant and skills in previous years, which allowed it to cope with high inflation and labor shortages.
Clancy chief executive Matt Cannon said: “The year 2022/23 has been one of the best in our 65-year history in terms of the scale, value and success of our delivery for to the customers
“We have maintained this momentum through 2023, maintaining our growth trajectory with new appointments alongside long-standing relationships.”
Recent wins include a place on South West Water’s AMP8 investment program and a five-year contract extension for Thames Water’s equivalent. The contractor also said it is expanding its presence in planning and capital delivery for the energy distributors’ upcoming ED2 price control period.
Cannon added: “The coming year will not be without its challenges as we prepare for AMP8 in the water sector and to accelerate the decarbonisation of our energy networks. However, with a strong portfolio of investment across infrastructure networks and new programmes, we are well positioned for future success.”
The company’s cash and cash equivalents grew from £28.2m at the start of the year to £42.9m at the close.
Clancy employs 1,800 people and was ranked 58th in the CN100 2023 list of the UK’s largest contractors.
Chairman Kevin Clancy said: “I am very proud to see how our teams tackle the challenges we face with innovative approaches, working collaboratively to continually improve delivery.”
