Concrete business drives Carey group profits

Aaron Morby 4 years ago
Share

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.

Latest news

Thirty construction workers killed on site last year

Industry fatality numbers drop 25% on previous year
3 hours ago

Construction and housing ministers resign

Industry leaders join mass exodus from government
7 hours ago

Aecom hires Arcadis veteran to grow northwards

Jonathan Moore aims to expand Aecom's business in the Midlands and North
6 hours ago

M&E contractor Kershaw went down owing subbies £10m

More than 400 firms left holding unpaid invoices
17 hours ago

Green light for UK’s first plastic recycling park

£165m park in Cheshire will recycle 367,500 tonnes of plastic
17 hours ago

Go-ahead for two Tilbury Douglas hospital jobs

Wirrall and Stockport hospital A&E jobs together worth nearly £60m
16 hours ago

Eight contractors trailblaze concrete carbon reduction plan

Firms pledge to switch to 30% low emission concrete by 2025
1 day ago

Red Construction lands London Victoria office overhaul

St James's Park building will be extended up by two floors in overhaul
16 hours ago

Six locations shortlisted for Great British Railways HQ

Site for national HQ narrows to Birmingham, Crewe, Derby, Doncaster, Newcastle and York
1 day ago

Kit maker Genie fined after M25 work platform death fall

Court hears how calibration error led to death of worker when 40 metre high mobile elevating work platform collapsed
2 days ago

O’Connor Utilities sold to private equity

OCU Group reported to have fetched around £400m
3 days ago

Rolls-Royce shortlists sites for first SMR factory

Three factories will make reactor, civils and MEP modules for SMR nuclear power stations
2 days ago

£233m loan kick starts £3.5bn regen of Royal Docks site

Infrastructure loan paves way for 6,000-home East London Silvertown scheme
2 days ago

Henry Construction wins £33m Oxford housing estate rebuild

Contractor signs off first deal with A2Dominion
2 days ago

Carillion collapse hospital hit by more construction delays

Balfour will take another 18 months to complete Midland Met scheme
2 days ago

Leeds college launches new construction and football course

Students can now combine site and tech skills with learning at a football academy
2 days ago

Willmott Dixon blasts new Building Safety law

Rick Willmott accuses Government of scapegoating construction over its own regulatory failure
3 days ago

£550m plan to redevelop The Galleries centre in Bristol

Shopping centre building to be demolished for major mixed-use scheme
3 days ago

Costain cancels supply chain event on £260m road job

Preparation work for A1 upgrade stalls as Transport Secretary dithers over approval
3 days ago

£170m London Holborn Circus office approved

Demolition work set to start in the autumn for 10-storey office block
3 days ago

City leaders launch net zero construction skills drive

City of London leader warns "skills gap and labour shortage are threats to our net zero ambitions"
3 days ago

Marlborough Highways lands £32m Islington civils deal

Contractor to help with north London borough's green drive
3 days ago

Osborne makes £45m construction loss

Sale of infrastructure business balances books as contractor looks for zero-carbon wins
6 days ago

John F Hunt forecasts record revenue and profits this year

Demolition contractor back on strong financial footing after previously setting aside £5.6m for bid rigging probe
6 days ago

Notting Hill Genesis names £2.8bn framework winners

26 firms land places on main contractor deal: Full list
6 days ago

Green light for dual hotel scheme at Nine Elms

Two new hotel towers will share common basement
6 days ago

Trials start on cement-free pre-cast piles

Aarsleff is hopeful a product will come to the market shortly
6 days ago

Ex-Telford Homes boss to run green house builder

Jon Di-Stefano takes helm at M&G backed Greencore Construction
6 days ago

Subcontractors told to stop work on Brymor sites

£80m revenue southern contractor files letter of intent to enter administration
7 days ago

House builder Chartway sold to private equity firm

Cabot Square Capital signs another major construction deal
7 days ago

Contractor services