Latest accounts filed for parent company Araglin Holdings Ltd show the construction division made a profit of £9m for the year to 30 September 2023 compared to a £38m loss last time from a turnover up to £402m from £366m.

Around ten problem jobs rocked Careys last year but they have now mainly been worked through and contract selection for future work tightened up.

The company is now focused on a three-year growth plan after successful meetings with bankers, credit insurers and bond specialists saw the financial sector happy to back the firm despite nervousness about the general construction sector.

Jason Carey, Carey Group Chief Executive Officer, said: “I’m pleased to report that our contracting businesses, Careys and BDL, have completed  a significant turnaround. This year they have generated revenues of £402m and an EBITDA profit of £9m (versus Financial Year 2022 EBITDA loss of £38m).

“As we look ahead and commence our three-year plan (to September 2026), our  continued focus is on targeted, measured growth, margin improvement through  disciplined contract take-on and a considered approach to project management.”

Careys has already secured 80% of its order book for this financial year and has a strong pipeline of over £350m.

During the year Careys left its former home in Wembley with its plant fleet now based at Aston Clinton in Buckinghamshire.

The firm has plans to spend £15m over the next three years on new vans and excavators with a further £10m set aside to improve digital capabilities across the business.

Total staff numbers across the group fell to 821 from 966 last time while the group had net assets of £138m which included £81m of real estate and £48m of net cash.

Jason Carey added: “On behalf of the Group, I would like to thank our clients for their ongoing belief in us and who see us as the solution to their challenges, and our supply chain whose positive relationships have proved more important than ever over the past 12 months.”