Turnover flat as Glencar rethinks strategy

Grant Prior 2 months ago
Share

Industrial and logistics building specialist Glencar saw revenue remain steady last year as a strategy revamp focused on “the right type of work.”

Turnover at the firm for the year to September 30 2024 was £406.8m from £405.9m last time while pre-tax profit improved to £4.8m from £2.2m.

Last year chief executive Eddie McGillycuddy had set a target of 10-20% revenue growth for this financial year.

The firm had a strategy rethink during the period and is now targeting turnover growth of 10% over the next two years.

McGillycuddy said: “We have reevaluated our commercial strategy, ensuring we focus on the right type of work in order to deploy our resources efficiently, whilst effectively managing risk.  We look forward to the year ahead with a sense of optimism and confidence with a strong order book and an exceptional team.

“We have already secured a robust order book of £350 million for 2025, with strong project margins and well-established delivery teams. At the same time, our commitment to innovation and the integration of smart processes and technology is accelerating, ensuring that we stay at the forefront of industry trends.

“We are targeting 10% revenue growth in the next financial year, followed by 10% in the following year. This ambitious goal is underpinned by our strategy of cultivating repeat business with our key client base while actively exploring strategic opportunities with new clients and in emerging markets.

“A core focus for us remains the sustained improvement of profit margins, whilst all the while maintaining the high standards of service delivery that our clients expect. We are dedicated to achieving this delicate balance and ensuring that our growth does not compromise the excellence of our services.”

Latest news

Fall in office and housing activity dents industry output

Confidence fragile after 0.2% dip in output for second month
14 minutes ago

Lendlease OK’d to start Birmingham’s £1.9bn Smithfield scheme

First phase of 400 build to rent homes at Manor Square approved
48 minutes ago

Fresh plan for £170m Newcastle resi tower and hotel

Gainford Group scales down New Bridge Street scheme to 29 storeys
37 minutes ago

Mace confirmed for £140m Gatwick Airport Pier 6 extension

Contractor PJ Hegarty has started enabling works in middle of busy airport
17 hours ago

Cost of M3 upgrade soars by £80m

Budget for VolkerFitzpatrick/Balfour Beatty road job jumps to £280m
1 hour ago

Graham takes on ISG £45m Coventry cultural hub job

Firm will start conversion work in the Spring on former IKEA store
18 hours ago

Alun Griffiths to “restructure and resize” after £95m loss

Redundancies due to be announced at Welsh civils contractor
2 days ago

Fire safety project approval delays hit Van Elle profits

Piling specialist also reviews future of Canadian operation amid fresh economic uncertainty
1 day ago

JRL Malaysian backers plan £150m London city office refurb

Ardmore set to deliver landmark 25 Finsbury Circus building overhaul
1 day ago

500-home block to replace 19 storey Sutton office tower

Landmark project to deliver 312 Build to rent and 195 co-living homes
1 day ago

Building envelope specialist Bailey buys Comar

Specialist now offers complete building envelope solutions
1 day ago

Subcontractors wanted for work across Wales

Big name buyers at latest Constructionline event: Register now
1 day ago

Balfour Beatty profit dented by £83m building safety hit

Increased order book at £18bn secures growth over next two years
2 days ago

Expanding utilities specialist Ipsum buys Matrix Power

Power engineering contractor takeover will strengthen offer in North East
2 days ago

Historic scaffolding firm files administration notice

Hertfordshire based Rodells has been trading since 1898
2 days ago

Planning Bill to have “seismic” impact on construction

Building-boosting reforms go before Parliament
3 days ago

Briggs & Forrester hits record revenue and orders

M&E specialist rebounds with strong growth across three divisions
2 days ago

Man Utd confirm plan for £2bn ‘super-tent’ stadium

Club to press ahead with 100,000-seat 'Wembley of the North'
3 days ago

Government spending keeps profits edging-up at Kier

91% of work now with public sector and regulated companies
3 days ago

Costain on track for step change to 5% margin

Alex Vaughan says order book has jumped £1.5bn to £5.4bn
3 days ago

Mace tops February contracts league

Confirmation of £300m London Victoria Street project lifts firm to pole position
3 days ago

Wates raids Laing O’Rourke for new construction operations chief

George Mosey leaves Laing O'Rourke after 16 years
4 days ago

Travis Perkins CEO Pete Redfern steps down due to ill health

Redfern joined builders' merchant last year after 14 years at Taylor Wimpey
4 days ago

Morgan Sindall wins £61m Liverpool lab scheme

Construction to start this Autumn on latest Knowledge Quarter project
3 days ago

Glencar to build timber-framed office block

Work to start next month on 79,200 sq ft scheme in Maidenhead
4 days ago

Shed specialist Marbank files administration notice

£67m turnover portal-framed building specialist files court notice
4 days ago

Birmingham council submits £1bn Druids Heath plan

High rise estate to be replaced by-3,500 home eco village
4 days ago

Cannabis farm gang posed as utilities contractor

Gang jailed for 28 years after diverting power to more than 100 cannabis farms
6 days ago

Firm fined after workers climb scaffold without ladder

HSE investigation prompted by death on Liverpool site
4 days ago

Clancy renews £250m Southern Water deal

Contractor vows to maximise value for money and minimise disruption
4 days ago

Contractor services