McLaren Construction reports very strong growth in 2016/17 results
McLaren Construction has reported strong growth and a 25% rise in revenue in its 2016/2017 annual results.
With turnover growing from £119.8 million to £600.3m, overall company revenue increased at an average rate of 9.8% per annum in the past five years.
In addition, operating profit hit £4.4m (2016; £3.6m) while gross margin increased from 5.3% to 5.6%. The Group’s forward order book is also healthy, with 100% of turnover secured for 2017/2018 and predicted to climb above £600m.
Kevin Taylor, Chairman of McLaren Group, said:
“The outlook for McLaren Construction in the UK and internationally is positive, and the business is now strongly positioned to grow and further enhance its position as one of the industry’s leading privately owned construction companies. We have not detected any distinct slowdown in either business or enquiries since Britain voted to leave the European Union. In fact, in those situations where we had anticipated contracts being cancelled or delayed, clients have chosen to proceed. Of course, in light of industry‐wide economic concerns, we’ll remain cautious for the longer duration. We forecast continued growth in turnover whilst remaining selective on the contracts we undertake. We remain focused on our core operating sectors whilst selectively reviewing opportunities in new markets.”