In the year to 30th September 2023, Glencar Construction Ltd turned over 拢400.6m (2022: 拢417.8m) and make a pre-tax profit of 拢3.4m (2022: 拢796,000). Gross profit was 5.0% (2022: 拢3.6%).
Parent company Glencar Construction (Holdings) Ltd, set up in 2021, posted revenue of 拢405.9m (2022: 拢417.9m) and pre-tax profit of 拢2.2m.
Dividends paid out to the co-owners amounted to 拢764,000 (2022: 拢593,000).
The business remains debit free but cash in the holding company reduced from nearly 拢50.7m to 拢21.7m during the year.
Chief executive Eddie McGillcuddy, who set up the company in 2016 with former McLaren Construction colleague Chris Gleave, described it as a year of consolidation, after several years of rapid growth, including 160% growth in 2022, when turnover leapt from 拢160m to nearly 拢418m, but a return to growth is expected.
鈥淲e have already secured a robust 拢350m order book for 2004,鈥� he said, 鈥渂oasting strong margins and well-established delivery teams. Our commitment to innovation and integration of smart processes and technology is on the rise, ensuring that we stay at the forefront of industry trends.鈥�
He continued: 鈥淔ollowing a year of consolidation, we are targeting 10-20% revenue growth in the next financial year. The ambitious goal is underpinned by our strategy of cultivating repeat business with our customer community while actively exploring strategic opportunities with new clients in emerging markets.
鈥淎 core focus for us remains the sustained improvement of profit margins, all the while maintaining the high standards of service delivery that our clients expect. We are dedicated to achieving this balance and ensuring that our growth does not compromise the excellence of our services.
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