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Sat September 21 2024

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Growing pains for Glencar

22 Feb 23 Glencar Construction is shooting up the rankings of UK contractors but not without some growing pains.

Glencar more than doubled in size last year but saw its profits fall by two-thirds.

In the year to 30th September 2022, Glencar Construction Ltd turned over 拢417.8m, up from 拢160.4m the previous year (and 拢144.8m in 2020).

Last year 海角社区app ranked Glencar at 96th in our annual Top 100 rankings of UK contractors. This year it is set to make the top 50 for the first time.

However, with hefty administrative expenses and rising prices, margins took a hammering;聽 the pre-tax profit was a slim 拢796,000, down from 拢2.3m the previous year.

During the year Glencar completed 34 projects, up from 25 the previous year, with an average contract value of 拢13.2m, up from 拢9.5m in 2021.

Along with this, headcount at Glencar has doubled from around 100 to more than 200.

Glencar Construction was established as recently as 2016 by Eddie McGillcuddy, along with former McLaren Construction colleague Chris Gleave. Like McLaren, Glencar specialises in commercial and industrial construction as well as shops and schools.

Eddie McGillcuddy wrote in the annual report: 鈥淟ooking forwards, we are targeting continued growth, with a committed forward order book in excess of 拢400m. This growth will be driven by repeat business with out key client base, whilst exploring strategic opportunities with new clients and in new markets. We aim to improve on current profit margins, whilst ensuring the service we provide our customers remains market leading.鈥

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