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

Grant Prior 2 years ago

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.”

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