Red Construction says that it is focusing on stable growth and risk management after having a spectacular growth in 2023.
In the year to 31st March 2024 Red Construction Group increased turnover by 85% to 拢114.8m (2023: 拢62.1m). Pre-tax profit grew similarly from 拢1.1m last time to 拢2.0m.
This time last year, three months before the end of the financial hear, the board had been predicting 60% growth for the year. The actual result soundly surpassed its own forecasts.
In the, turnover
The group has already secured more than 拢100m in contracts for its current (2024/25) financial year.
Key project wins and completions include Red South West鈥檚 work on the 拢22m Zeal Hotel in Exeter and Red Special Projects鈥� delivery of Warwick Castle Hotel, part of a 拢16.4m investment in Warwick Castle, following a 拢35m Legoland Woodland Village scheme in Windsor during the previous financial year for the same client, Merlin Entertainment.
Red Construction London completed phase one works at the Sheppard Trust鈥檚 redevelopment of the Royal Cambridge care home in Surrey, alongside delivering Barwood Capital鈥檚 multi-million-pound redevelopment of Explore, an office building in Richmond.
Chief executive Graham Sturge, who co-owns the business with Ian Hopkinson and chairman Simon Lousad, said: 鈥�12 months ago, we predicted 2023/24 would be a huge milestone for the business, and I鈥檓 proud that we鈥檝e met that and more, with a turnover comfortably over the 拢100m mark for the first time. We鈥檝e also sustained a robust profit margin, an important element of the stable, considered growth we want to achieve year-on-year.
鈥淲hilst we celebrate this, we鈥檙e also very conscious of the volatility of our market. Our focus for the coming year remains the same 鈥� risk management, stable growth, and supporting our supply chain partners, that are often hit hard by that volatility and rarely spoken about publicly. With contracts secured and work under way that will guarantee more growth for 2024/25 鈥� alongside our ongoing relationships with clients, new partnerships, team growth, and project delivery across London, the southwest, and beyond 鈥� we鈥檝e built a sustainable platform to serve one of the biggest industries in the UK with excellence in the years to come.鈥�
Current projects in the capital include a 130,000 sq ft office scheme in Westminster for Tellon Capital, Berkeley Estate Asset Management鈥檚 refurbishment of 8 Lancelot Place office building in Knightsbridge and significant works to Manhattan Loft鈥檚 St Pancras Renaissance Hotel.
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