Concrete business drives Carey group profits

Aaron Morby 6 years ago
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A near doubling of profits at Carey’s concrete frame business helped to lift the diversified group to another strong performance.

Chairman John Carey says 2018/19 is shaping up to be a good year
Chairman John Carey says 2018/19 is shaping up to be a good year

Overall group profit remained stable at £19m on revenue down 7% to £510m in the year to March 2018.

Most of the profits were generated by specialist concrete business P J Carey, which enjoyed a 5% operating margin.

Carey’s south east drylining business BDL also had a good year nearly doubling profit to £3.1m on revenue up a quarter to £86m.

John Carey, chairman of the group, said: “The past year generally has seen a strong performance for the group and where performance levels have fallen below expectations plans to drive improvements have been implemented.

“The board looks forward confidently to continuing growth and success of the business in 2018/19.”

Carey Group businesses
Business Operating profit Revenue Specialism
2018 2017 2018 2017
P J Carey £15m £8.4m £302m £347m Building/civils
BDL £3.1m £1.6m £86m £62m Drylining
P J Carey Plant Hire £0.9m £1.3m £37m £43m Plant hire
T E Scudder £3.2m £2.5m £46m £45m Demolition
Seneca £1.6m £2m £27m £28m Waste recycling
Carey New Homes £1.5m £5.5m £26m £44m Property development
ION Eviron. Sols. -£1m £0.2m £2.6m £2.4m Asbestos
P J Carey (Contractors) -€0.9m -€0.12m €28m €27m Irish construction

 

Net assets grew over the year from £78m to £97m.

The group’s total retentions being held by clients amounted to £27m, up from £24m last year.

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