Glencar Construction revenue skyrockets to £145m

Aaron Morby 1 year ago

St Albans-based Glencar Construction has catapulted into the ranks of medium-sized construction contractors in just six years.

Eddie McGillycuddy says Glencar is set for another good year
Eddie McGillycuddy says Glencar is set for another good year

Glencar Construction is now sitting on a £180m order book, has just hired 50 staff and opened a new office in Birmingham to serve a growing number of key clients in the Midlands and North.

The business, founded by former McLaren directors Eddie McGillycuddy and Chris Cleave, has just revealed results for the last 18-month period to September 2020.

During this time revenue soared as Glencar took on larger contracts to £145m from just £22m in the previous 12 months, generating a pre-tax profit of £2.8m.

The firm, which now employs over 80 staff, holds £20m in cash.

McGillycuddy, managing director, said: “Despite these unprecedented times we are living in and the obvious social and economic challenges we are faced with, revenue for the period has grown exponentially – driven by key contract wins with a broad range of new customers and through retaining key customer relationships.”

During the period 29 project instructions were received with average project value up to £5.2m from £2m.

“By investing in our people, processes and infrastructure we are creating the solid foundations by which to operate and for the business to succeed.

“We have also maintained a high degree of profitability which places Glencar on a strong financial footing,” he added.

“We have strengthened our senior leadership team considerably and more than doubled our headcount so I am confident we have the right people in the right places to continue to press forward.

“With a committed forward order book of over £180m Glencar is showing no intention of slowing down and looks forward to 2021 with a firm sense of optimism.”

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