Moving in to new markets paying off for McLaren

Grant Prior 1 year ago
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McLaren Construction has returned to profit as moving into new markets pays dividends for the business.

McLaren's HubVictoria site
McLaren's HubVictoria site

Latest results for the year ending 31 July 2022 show a pre-tax profit of £2m from a £12.4m loss last time as turnover increased to £751.6m from £541m.

The upward trajectory is continuing this year with turnover forecast to hit £878m by the end of the current financial year in July.

McLaren’s diversification strategy is paying off with growing business coming from sectors including building carbon reduction and recladding work.

The firm is making great strides in the heavy refurbishment sector where cut and carve jobs like HubVictoria showcase its expertise in repurposing buildings while keeping them in operation for existing tenants.

Chairman Kevin Taylor said: “It’s a very complex job and a great example of how we can deliver difficult major projects in the most challenging of conditions.”

McLaren handed over 19 projects during the year with ongoing work continuing at a further 42.

The increase in workloads saw staff numbers rise from 664 to 733 as McLaren saw a steady string of applicants for new roles thanks to its ongoing recruitment advertising campaign with the Enquirer.

The contractor has also spent around £1.5m in improving its digital systems and other business improvement strategies since Paul Heather joined as new group managing director last year.

Heather said: “Our 2022 results show a company with the right strategies and investment in place. We were fully equipped for new sectors and technical challenges, confidently managing supply chain risks and ready to take advantage of opportunities in the market.

“Decarbonisation remains one of the biggest long term opportunities and some bold decisions to take heavy refurbishment projects means we now have market leading experience and expertise.”

Recent wins include the £200m ExCel  expansion and a £130m deal to refurbish Portland House for Landsec.

Taylor said: “McLaren’s recent appointment on the £200 million ExCeL expansion is a step change in scale and shows the direction this company is taking. The McLaren team has achieved this steady growth together and can be proud of the market’s confidence in our capabilities.

“Our growing team has been agile in applying their skills and experience to a much more diverse range of opportunities, guided by the skills of our existing colleagues and the experts we’ve brought into the business.”

 

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