Colmore Tang revenue nearly doubles to £95m

Aaron Morby 1 week ago
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Birmingham contractor Colmore Tang Construction delivered another year of expansion almost doubling turnover last year to £95m from £49m.

The firm recently launched a social housing arm at the start of this year, adding to its fast-growing Tang Interior’s division formed early last year and a new dry-lining division.

This growth saw headcount rise from 88 to 143 staff in 2018, with more expansion forecast in the year ahead.

CTC has completed 1.45m sq ft of residential, industrial and hospitality projects since launching at the end of 2013.

Chief financial officer Neil Martin said: “The company has invested heavily in business development and establishing the new business and selectively identifying and reviewing potential acquisitions.

“Indeed, the business has entered a phase of longer, more complex new build projects with a wider geographical spread.”

Martin said that the cost of significant business investment saw pre-tax profits fall to £1.1m last year from £2.4m in 2017.

He said: “The effect is positive and secures the business for the long term. It strengthens the company and positions us to be attractive to a broader range of institutional clients.

“The group has continued to win new business and CTC has maintained a solid three-year pipeline with some shift in mix towards the south.”

He added in the results statement that the directors remained confident Brexit does not present a significant risk to the business.

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