Glencar reports another strong year of growth with latest results
Glencar has today released its annual results for the financial year ending 30 September 2021 which reflect another strong year of growth together with a significant ongoing investment in people, platforms and processes as it lays the path for strong and controlled expansion.
On an annualised basis, revenue increased by 66% and profit before tax increased by 23%. Average contract value increased by 40%, thanks to notable schemes in Harwell, Andover and Bicester. In the year, 61% of work was repeat business and 10 new customers came into the business. Highlights include:
- Revenue £160.4m
- Profit before tax £2.3m
- Cash generation £3.7m
- 25 projects completed
- Average contract value £9.5m
Speaking about the results Glencar Managing Director Eddie McGillycuddy said: “Glencar has enjoyed another stellar year producing some outstanding results that we can all be proud of. Looking forward, we are targeting continued growth, with a committed forward order book in excess of £300m.
This growth will be driven by repeat business with our key client base as well as winning work with new clients from established and well reputed backgrounds.
Glencar continues to invest in its people and infrastructure to support our rapid growth. We have welcomed over 80 new team members in the year, of which three are part of the Senior Leadership Team. The company opened a new office in Manchester and moved to larger premises in Birmingham, as part of our regional growth plan.”
Eddie continued “We have identified other growing sectors and will seek to expand into these, taking advantage of the opportunities available.
We will continue to invest in our people, increasing the number of team members, and expanding our training programme across the company. We will also focus investment on our internal processes, making sure that they are resilient enough to provide our customers and supply chain with the best service possible.”