Order book surge for McLaren as turnover set to hit £850m

Grant Prior 3 years ago
Share

McLaren Construction has secured more than 80% of its forecast £850m turnover for the financial year ending July 2023.

The flying start to the year follows a string of wins across all sectors as McLaren looks to “draw a line” under the impacts of the pandemic.

Latest management accounts for the year to 31 July 2022 show a turnover of £726.2m with net cash reserves of £59.2m.

That revenue is £184m up on the previous year and ahead of pre-pandemic levels.

McLaren filed its latest results at Companies House this week for the year to July 31 2021 showing turnover up to £541m from £526m last time generating a pre-tax loss of £8.5m.

The 2021 results were impacted by Covid-19 while concrete frame subcontractor O’Keefe entering administration resulted in significant additional costs alongside provisions for the remediation of cladding on historical commercial contracts.

McLaren chair Kevin Taylor said: “July 2021 is where we drew a line under the historic impacts of the Covid-19 pandemic, and we are proud of the way we supported our customers and supply chain during that crisis.

“The business continues to deliver in diverse sectors, with specialist teams across the UK.

“Management accounts for 2022 confirm an upturn in profits and all the indicators are promising for further success in 2023. We are confident that stellar revenues will bring solid profits with them.”

McLaren Construction’s group managing director Paul Heather added: “McLaren continues to grow in line with our strategic plan.

“Alongside the continuing strength of commercial, residential, industrial and distribution, we have found ourselves well positioned to take opportunities in the new sectors of data centres, retrofit and refurbishment, as well as recladding of existing buildings for both private and public sector customers.

“Our historic expertise in areas like hotels and education continues to generate revenue.

“Future growth will come from continuing investment in tech and data expertise, while the expansion of our healthcare team has been rewarded with a pipeline of three significant new contracts.”

Group executive director and co-founder Phil Pringle said: “It is a testament to the resilience of the business and the calibre and skills of our colleagues that together we have succeeded through this challenging period, with a robust platform to continue to grow the business and to continue to exceed the expectations of our customers.”

Latest news

13-year-old becomes UK’s youngest qualified digger driver

Grandson of Gallagher Group chairman sets industry record
5 hours ago

Cubby reborn in £12m Svella-backed takeover

£50m revenue target set as 14 firms combine under new Cubby Group banner
20 hours ago

North East NHS trusts plot £3bn health estate overhaul

Market engagement begins for major construction push across four trusts
20 hours ago

HG goes green on cranes in £1.2m switch to battery power

Diesel-free crane drive cuts fuel bills by 94%
20 hours ago

Developer fined £165,000 for fire safety failings

Firm ignored fire safety orders on apartment job in Preston
20 hours ago

Bidding to start for £1.8bn North West framework

Contractors invited to bid for latest Procure Partnerships deal
21 hours ago

Hill hits record £90m profit as homes pipeline swells

Build-to-rent push and £4.8bn contracting book to fuel next growth phase
2 days ago

Rayner unveils £39bn plan to build 300,000 social homes

Council building revival and rent reform feature in social and affordable homes plan
2 days ago

Keltbray bounces back with £3.2m profit

Tighter controls and smarter project selection fuel strong turnaround
2 days ago

VINCI JV wins 500-home twin town centre revamps

Chester Northgate phase 2 and Northwich Weaver Square schemes move to delivery stage
2 days ago

80 energy projects unlocked as Ofgem backs grid expansion

£24bn energy networks deal gets green light from regulator
3 days ago

How to see your stories on the Enquirer

Join our Suppliers and Buyers directory to get your news published
2 days ago

Henley lands Midland Mill revamp on Leeds tower scheme

Restoration of 18th-century mill kicks off on South Bank regeneration project
2 days ago

New boss at Eric Wright Civil Engineering

Gavin Hulme takes top job as Diane Bourne moves to group role
2 days ago

Pinewood submits £1bn data centre plan

Studio giant adds green and learning spaces to tech hub blueprint
3 days ago

Record results after TClarke goes private

Britain's biggest M&E contractor flourishes after de-listing
3 days ago

Dalkia lands £200m nuclear maintenance deal

1,000 nuclear FM staff to join M&E contractor
3 days ago

Construction comeback to outpace wider economy

Arcadis forecast fueled by spending review optimism
4 days ago

First steel goes up on giant car battery site

Severfield gets to work on McAlpine Somerset site
4 days ago

Permasteelisa wins cladding deal on Bovis city tower

Facade specialist lands package at 60 Gracechurch Street
3 days ago

Fox buys recycled asphalt specialist Fisher

Acquisition adds major recycled asphalt capacity in north west
4 days ago

Major Building Safety Regulator shake-up to end tower delays

HSE stripped of control and top fire chiefs brought in to fast-track stalled schemes
4 days ago

Hinkley trio sign Sizewell civils deal

Balfour,Bouygues and Laing O'Rourke form Civil Works Alliance for new power station
4 days ago

£3.9bn data centre plan for Ravenscraig steelworks

Green energy to power massive new steel to silicon AI campus
4 days ago

Breakthrough on HS2’s second longest tunnel

8.4 mile Northolt to Old Oak Common drive completes
4 days ago

Neilcott on fast-track to debt-free employee ownership

£22.5m loan nearly paid down after big profit year
4 days ago

TfL kicks off race for £700m Tube station upgrade

South Kensington and Elephant & Castle top the pipeline list
4 days ago

Corbyn Plant Hire fleet goes under the hammer

Kit to be sold off by sister firm to collapsed groundworks contractor
4 days ago

Government wields procurement stick on late payment

New rules would block slow payers from bidding on big public jobs
7 days ago

Hercules buys power line labour firm for £15.7m

Labour supply specialist snaps up Advantage NRG to tap booming electricity upgrade market
7 days ago