Clancy drops Docwra name and exits multi-utility work

Aaron Morby 2 years ago
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Clancy has dopped the Docwra name from its contracting business as part of a new five-year plan for the civils group.

Chairman Kevin Clancy said the firm can now self fund the majority of its working capital needs
Chairman Kevin Clancy said the firm can now self fund the majority of its working capital needs

The firm is also expected to complete its exit next month from multi-utility work, where it suffered losses in the past.

The plans to focus on water work, power and civil engineering infrastructure were set out in its latest financial results for the year to March.

While revenue dipped 5% to £293m due to Clancy’s exit from its Scottish Power contract and lower multi-utility workloads, pre-tax profit for the year continued to recover, rising to £2.6m from £0.9m in 2019.

Chairman Kevin Clancy said the business was now debt-free and on a strong footing with over £20m cash to face the challenges of the year ahead.

He said: “The nature of our contracts and customer base means that the majority of work we have been unable to undertake due to the lockdown at the start of 2020/21 will still need to be done.

“We expect work volumes to catch up over the coming 12 months as the utility companies work to achieve their regulatory targets.”

He added: “Our future strategy is to retain and grow our position in water and energy sectors where we have developed many long-term relationships.”

The water sector presently accounts for 70% of group revenue. In the financial year, Clancy renewed contracts with Anglian Water, Southern Water and South East Water until 2025.

In the energy sector, Clancy is working with UK Power Networks and Northern Powergrid.

Clancy said: “The group has worked hard to reduce debt and become able to self-fund the majority of its working capital needs, with renegotiated banking facilities in place to cover peak demand.

“Since the year-end, the group has continued to follow this approach and maintain significant headroom in all its facilities.”

 

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