Clancy tops £300m revenue in fifth year of growth

Aaron Morby 1 year ago
Share

Clancy is set to begin 2024 in a strong position for further growth, after the family-run civil engineering contractor reported a solid financial performance and major contract wins across the water and energy sectors.

Matt Cannon, chief executive, said last year was one of the best in Clancy's 65-year history
Matt Cannon, chief executive, said last year was one of the best in Clancy's 65-year history

In a fifth consecutive year of growth in the year ending April 2023, the firm delivered record revenue, up 14% to £335m, driven by core markets of water, energy and civil engineering.  Pre-tax profit reached £13.5m.

The year also saw the company continue to build its cash position, with net cash inflow of £14.7m.

Clancy now operates entirely without borrowings, ensuring resilience against high interest rates and with a strong balance sheet to support reinvestment.  Spending on systems and plant is expected to be in the region of £20m through the 2023/24 year.

This month Clancy announced its appointment on South West Water’s capital delivery framework, and a five-year contract extension to support Thames Water’s capital programme for the AMP8 regulatory period.

Comparable successes are also being seen within the energy sector, where the business is expanding its support in capital planning and delivery for the ED2 price control period with existing clients including UK Power Networks, while also building out its expertise in other regions as district network operators invest to support the clean energy transition.

This pipeline of new and continued capital projects and long-term frameworks contribute to an expected forward order book of £1.5bn, of which £800m was secured at year-end.

Matt Cannon, chief executive, said: “The 2022-23 year has been one of the best in our 65-year history in terms of the scale, value and success of our delivery for clients.

“We’ve kept up this momentum through 2023, maintaining our growth trajectory with new appointments alongside longstanding relationships.

“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 grids.  However, with a strong pipeline of investment across infrastructure networks and new programmes, we remain well-positioned for future success.”

 

Latest news

Four jailed after Keltbray corruption trial

Jail sentences following probe into jobs including Battersea Power Station
10 hours ago

JJ Rhatigan UK profit nearly doubles as turnover tops £150m

Irish contractor's expansion in England gathers pace
48 minutes ago

Driverless digger to be used on Taylor Woodrow site

Autonomous excavator to work at Manchester Airport after successful trial
53 minutes ago

Leeds United unveil stadium revamp design

Club has still to set a timeframe for staged Elland Road upgrade
7 hours ago

Bowmer & Kirkland boosts margins as profits surge to £69m

Revenue nudges up towards £1.3bn in year of expansion
23 hours ago

Offshore construction starts on £4bn windfarm

Foundations for first of 95 turbines installed: Watch video
23 hours ago

AECOM buys civils consultant Allen Gordon

Global giant acquires Scottish water and energy specialist
22 hours ago

Plans in for £1bn Northern Gateway site in Manchester

Plan for 500-acre manufacturing and logistic park advance
22 hours ago

RED wins £31m London Shoreditch student digs job

Two extra floors will be added to Willen House scheme
23 hours ago

Deconstruct handed £12m Grenfell demolition

Firm maintaining building awarded job without bid race to speed process
23 hours ago

Sizewell site workers get made to measure PPE

Bespoke fitting service on offer at new Bryson branch
23 hours ago

Comment: Gateway is acting like a barricade

Contractors left banging their heads on an (unbuilt) brick wall
4 days ago

Final phase of £1.5bn Elephant and Castle revamp hits planning

Get Living submits revised plan for 500 homes and 450-bed student block
5 days ago

Ealing backs final phase of £1.3bn estate rebuild

Friary Park estate rebuild in Acton reaches end stage
4 days ago

Green light for scaled-down Nottingham student tower

Glasshouse Street scheme will deliver 247 student rooms
4 days ago

Aston Villa to revamp North Stand

Club to reuse existing structure rather than complete rebuild
5 days ago

Mace signs ex-ISG director to lead Euro health and tech push

Gary Sweeney to head up healthcare and life sciences consultancy arm
4 days ago

Sir Robert McAlpine claws way back into profit

Firm says return to profit and strong cash balance validates new strategy
5 days ago

Severfield to cut staff by 6% amid pricing pressure

Steelwork contractor warns of extended tighter pricing due to project delays
5 days ago

JRL completes sale of 50% stake to Malaysian giant IJM

Deal boosts balance sheet and kicks starts growth plan
5 days ago

Green light for £100m Liverpool Baltic station build

Enabling highway works to start in the autumn
6 days ago

First live tests for flying construction robots

Drones can lay construction materials at height on site
5 days ago

Three firms land £170m Gentoo Sunderland housing deal

PHS Solutions, Esh and RE:GEN to deliver 10-year home upgrade plan
6 days ago

Gateway gridlock hits build-to-rent delivery as starts nosedive

Build to rent starts plunge 18% in the capital
6 days ago

Call to shift Gateway 2 checks to end building bottleneck

"The current system isn't working but we all want to see safe buildings"
6 days ago

GBN launches £600m bid race for SMR engineer roles

Owner engineers to provide technical and assurance services
6 days ago

Wates hires ex-Homes England chief to head public sector push

Robert Stone to spearhead its public sector and national frameworks strategy
6 days ago

Acheson Construction collapse costs suppliers £8.5m

One frustrated creditor seized a telehandler after contractor went into administration
7 days ago

Dominus wins go-ahead for 173-bed Glasgow scheme

Old Wynd Street job expected to cost around £25m to build
7 days ago

Safety Regulator misses deadline to clear Gateway 2 backlog

Investors pulling out of funding high rise buildings
7 days ago

Contractor services