Clancy tops £300m revenue in fifth year of growth

Aaron Morby 3 months ago
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Clancy is set to begin 2024 in a strong position for further growth, after the family-run civil engineering contractor reported a solid financial performance and major contract wins across the water and energy sectors.

Matt Cannon, chief executive, said last year was one of the best in Clancy's 65-year history
Matt Cannon, chief executive, said last year was one of the best in Clancy's 65-year history

In a fifth consecutive year of growth in the year ending April 2023, the firm delivered record revenue, up 14% to £335m, driven by core markets of water, energy and civil engineering.  Pre-tax profit reached £13.5m.

The year also saw the company continue to build its cash position, with net cash inflow of £14.7m.

Clancy now operates entirely without borrowings, ensuring resilience against high interest rates and with a strong balance sheet to support reinvestment.  Spending on systems and plant is expected to be in the region of £20m through the 2023/24 year.

This month Clancy announced its appointment on South West Water’s capital delivery framework, and a five-year contract extension to support Thames Water’s capital programme for the AMP8 regulatory period.

Comparable successes are also being seen within the energy sector, where the business is expanding its support in capital planning and delivery for the ED2 price control period with existing clients including UK Power Networks, while also building out its expertise in other regions as district network operators invest to support the clean energy transition.

This pipeline of new and continued capital projects and long-term frameworks contribute to an expected forward order book of £1.5bn, of which £800m was secured at year-end.

Matt Cannon, chief executive, said: “The 2022-23 year has been one of the best in our 65-year history in terms of the scale, value and success of our delivery for clients.

“We’ve kept up this momentum through 2023, maintaining our growth trajectory with new appointments alongside longstanding relationships.

“The coming year will not be without its challenges, as we prepare for AMP8 in the water sector and to accelerate the decarbonisation of our energy grids.  However, with a strong pipeline of investment across infrastructure networks and new programmes, we remain well-positioned for future success.”

 

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