C Spencer back in profit after four years in the red

Aaron Morby 3 weeks ago
Share

Hull-based multi-engineering contractor C Spencer Engineering Group has returned to profit after weathering four years of losses.

C Spencer has secured several major bridge projects, such as the further renovation of Menai Suspension Bridge between the island of Anglesey and mainland Wales
C Spencer has secured several major bridge projects, such as the further renovation of Menai Suspension Bridge between the island of Anglesey and mainland Wales

A turnaround year to March 2022 saw revenue soar by nearly two-thirds to £75m, helping to generate a £790,000 pre-tax profit after a £1.7m loss last year.

The group entered the new financial year with secured work in hand of £50m and a pipeline of £210m.

Slipform Engineering, in which parent company Spencer Engineering Group, holds a majority shareholding, also made a significant contribution to the group results, increasing turnover to £6m and delivering a pre-tax profit of £826,000

Chairman and founder Charlie Spencer said: “We’re pleased to record a very successful and profitable business year.

“The significant growth in turnover and profits underlines the strength of our recovery from the previous year results affected by the impact of the COVID pandemic.

“Currently the work outlook remains positive in all sectors, particularly the rail sector and enhancement of existing and provision of new rail infrastructure and maintenance facilities.

“The structural repair, refurbishment and maintenance of bridges also provides a strong future pipeline of opportunities in a sector where the group has earned an excellent reputation for providing innovative access solutions.”

He said that the firm’s Slipform Engineering business had proved its new patented system on Thames Tideway where it achieved significant programme and cost savings on shaft liner contracts.

Slipform Engineering was also working on several high-rise building schemes in the UK and was currently tendering for several HS2 shaft lining projects.

Spencer added that the business was carefully reducing its exposure to cost inflation on fixed-price work.

“Recent contract awards of major projects are on an early contractor involvement engagement staged process and on a target cost basis where such cost escalations are considered to be allowable cost, thereby mitigating risk exposure to business.

“On fixed price contracts the business has elected to provide baseline costs for materials in order to facilitate client procurement with any  cost escalation experienced between tender and submissions and place of material order being treated as reimbursable cost.”

The group received £1.2m just after March year-end following a successful contract settlement.

Latest news

ISG pauses work on £300m gigaplant

Construction work rescheduled to reduce costs at giant car battery plant
26 mins ago

Tory leadership battle delays bidding for HS2 phase 2a

Prequalification for £5.2bn-£7.2bn route to Crewe put back to September
23 mins ago

Greswolde Construction goes under

Solihull contractor ceases trading with 24 jobs lost
2 days ago

Hanson on track for UK’s first net zero cement works

20 carbon capture projects shortlisted for £1bn funding
36 mins ago

Plan in for Nottingham 967-room student scheme

Vita submits plan for second major purpose built student sh
20 mins ago

Galliford Try gets go-ahead for next A47 dualling job

Early 2023 start for £200m section of A47 between North Tuddenham and Easton in Norfolk
19 mins ago

Designs revealed for £1bn London Blackfriars tower blocks

Fosters design landmark green office skyscraper and two blocks of flats for Southwark site
3 days ago

Everton stadium job still on budget despite inflation

Club and Laing O'Rourke confident they can still build new ground for £500m
3 days ago

Construction output falls 1.4% halting 7-month growth spurt

Fresh output and orders figures confirm summer construction slowdown
3 days ago

McLaren gets green light for £85m build-to-rent scheme

Construction set to start this autumn on major city centre development
3 days ago

BAM limbers up for £25m Bedworth leisure centre

Pioneering Warwickshire health and fitness hub to start this autumn
3 days ago

Keepmoat to start four-year build in Wigan

Major regeneration scheme to start across four sites
3 days ago

Solihull contractor Greswolde heading for administration

New investors took over business 12 months ago
4 days ago

Duo win £500m canal and river main works deal

Kier and Bentley bag Canal & Rivers Trust's largest ever water engineering works deal
4 days ago

Construction Manager of the Year finalists revealed

70 of the industry's brightest talents: Full list
4 days ago

Willmott Dixon fills new strategic change director role

Vistry Group change director joins private builder to support future growth
4 days ago

Work starts on £42m Oldham Spindles overhaul

Willmott Dixon signs off £42m deal to create new market, offices and event space
4 days ago

Firms wanted for Telford & Wrekin £1.6bn building works DPS

Call up for dynamic purchasing system covering building and refurbishment work
4 days ago

Kier pulls off contracts league double in July

Contractor bags highest value of new work and tops rolling 12 months ranking
5 days ago

Hinkley Point C giant water intakes craned onto seabed

Video: contractors complete one of the world’s most complex marine engineering projects
5 days ago

Taziker revenue jumps 30% to record £73m

Multi-disciplinary engineering specialist boosts headcount to 366 staff
5 days ago

Consultant buys scaffolding contractor

RSK Group makes MG Scaffolding its latest acquisition
5 days ago

M&E specialist gears up for £16m Aston Martin package

Major package award on McLaren Silverstone site
5 days ago

Plans in for Brentford 110-flat canalside scheme

Makers’ Yard mixed commercial and residential use scheme
5 days ago

WSP to buy consultant RPS Group for £591m

5,000 staff at Oxfordshire based firm to join WSP
6 days ago

Countryside puts offsite factory up for sale

Offers invited for Bardon plant which is less than a year old
6 days ago

M&E specialist Spie UK arm returns to profit

French parent group launches a strategic review of UK operations after performance stabilises
6 days ago

Site boss fined for locking out safety inspectors

Police called to enter site before fire fighters rescue workers stranded on roof
6 days ago

Rebid starts for £200m M5 junction job

Cost inflation forces retender for £200m junction 10 rebuild near Cheltenham
6 days ago

New Downing Construction boss named

Andy Thomas takes top job as Ian Orton steps back after 24 years
6 days ago

Contractor services