Moving in to new markets paying off for McLaren

Grant Prior 1 year ago

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.”


Latest news

Contractors and unions agree Sizewell C working deal

New deal offers improved sick pay and parental leave over Hinkley Point deal
53 mins ago

Competition chiefs win legal fight for more construction raids

High Court rules CMA officials can raid a domestic property as part of investigation
6 hours ago

More Osborne companies file administration notices

Three more divisions lodge notices with court
13 hours ago

McLaren wins multi-storey urban logistics contract

South London win with British Land is pioneering urban logistics hub
12 hours ago

Big social housing schemes at risk over funding uncertainty

Housing associations warn uncertainty over public funding beyond 2026 is curbing new schemes
12 hours ago

Kier wins Worcestershire town centre renewal

Firm secures Bromsgrove commercial and cultural hub project
12 hours ago

BAM signs Kent school contract at £42m

Sevenoaks school rebuild signed off at £8m more than first estimates
12 hours ago

RG Group signs £121m Newcastle rental homes job

Developer Olympian Homes advances 519 flats plan at Pottery Lane site
3 days ago

Geoffrey Osborne files administration notice

Contractor in talks to save parts of the business
4 days ago

Winners named for £260m Manchester Uni framework

B&K, Henry Bros, Graham, Robertson and Vinci among new line-up
4 days ago

Shed specialist Benniman rides out market lull

Worcestershire warehouse builder says industrial and logistics work is picking up again
4 days ago

Another contractor cleared after high profile immigration raid

Adana Construction employees were working legally on site swooped on by Home Office
3 days ago

McAleer & Rushe wants to meet new London suppliers

Contractor holding Meet the Buyer event in London: Register now
4 days ago

McAlpine signs £500m Broadgate dual towers deal

Work to start on iconic 36-storey and 21-storey towers
4 days ago

Worker rescued from collapsed four metre deep trench

Fire crews take six hours to save trapped builder near Blackwall Tunnel
5 days ago

Gove puts another major building scheme on hold

Secretary of State starts another planning fight after M&S defeat
5 days ago

Greenwich University tenders £300m framework

Up to five firms will carry out upgrade and newbuild work at three campuses
5 days ago

Work starts on Manchester 26-storey Obsidian tower

Contractor Domis starts Salboy's 10th Manchester scheme in seven years
4 days ago

Race for £1.3bn West Midlands social homes framework

The Community Housing Group reboots tender race for new build housing
4 days ago

Delancey submits £400m King’s Cross lab plans

200,000 sq ft lab/office project will be built above railway and tube tunnels just 4.5m below
5 days ago

Winners revealed for £150m fire safety framework

New deal will help organisations comply with the Building Safety Act
5 days ago

Sellar plans £500m City tower next to Walkie-Talkie

Consultation starts on London 60 Gracechurch Street tower
5 days ago

Severfield ends year on high with record order book

Orders top £500m with strong future pipeline of opportunities ahead
6 days ago

Second senior director exits National Highways

Commercial director Malcolm Dare set to move on to new role
6 days ago

New scheme fuels London lab building boom

Plans in for 160,000 sq ft Whitechapel scheme near Royal London hospital
6 days ago

Contract race starts for next £155m section of A9 dualling

Prior Information Notice published for Tay Crossing to Ballinluig stretch
6 days ago

£55m Sheffield build-to-rent scheme approved

Demolition to start later this year for 158-flat Sheffield Garden project
6 days ago

London back as most expensive place to build in world

Capital leapfrogs Geneva to top costliest construction rankings
6 days ago

Gas supplier Regent to buy TClarke for £90m

£491m turnover listed building services specialist to be sold
7 days ago

Steel contractor Billington launches into bridge market

Steelwork firm hires staff from failed architectural and bridge specialist SH Structures
6 days ago

Contractor services