Construction giant Graham has surpassed the £1 billion turnover milestone for the second consecutive year as revenue increased by 2.8% to £1.125 billion.
The national contractor and developer also recorded a pre-tax profit of £14.8m and maintained its robust balance sheet position with cash at bank and in hand of £151m.
This “strong performance” in year to March 31 came the face of well documented inflationary pressures and significant economic and geopolitical headwinds, and followed the successful delivery of major projects in each of its core market sectors in building, civil engineering, interior fit-out, facilities management and development management.
Across the wider industry, higher borrowing costs and the evolving regulatory and legislative environments have led to a slow down in planned start dates for major construction projects while impacting upon contractor profitability.
To offset many of these challenges, Graham (www.Graham.co.uk) has focussed on a sustainable growth model built on the platform of strategic supply chain management and selective work winning, which has resulted in a record pipeline of secured work in excess of £2bn.
Graham Group chief executive Andrew Bill said: “These accounts are pleasing and underline the strong performance of each our divisions within our core market sectors.
“We prioritise robust governance and commercial management which are the backbone of our sustainable growth model. Significantly, the continued success of the group has been achieved despite global economic uncertainty and inflationary pressures.
“The market has been challenging, but our consistent focus on quality delivery and commitment to securing repeat business through the development of collaborative client relationships have allowed us to grow sustainably over the past year.
“Looking forward, we have developed a significant pipeline of opportunity to allow us to positively approach the next 12 months, and beyond, with energy and optimism.”
The scale, scope and variety of Graham’s national portfolio have been central to its continued strong financial performance.
Projects such as Candleriggs, a 346 unit build to rent development in Glasgow (£81.5m), improvement works to the M25 Junction 28 in Essex (£154m), the interior fit-out of BT’s new 76,000 sq. ft. offices in Dundee and the restoration of the historic Cathays Grade II Listed Library for Cardiff Council underline the breadth of its expertise.
At Lord’s Cricket Ground, the iconic home of cricket, the company has also been named as the preferred bidder for an iconic redevelopment project encompassing the Tavern and Allen Stands, while it recently secured planning consent for a transformative regeneration project at Meadowbank in Edinburgh that will see the development of over 700 much-needed homes across a five-hectare site that will create one of the city’s “greenest neighbourhoods”.
Attributing the continued success of the business to the concerted efforts of the 2,500-strong workforce, Mr Bill added: “The ongoing growth of Graham is due to the hard work and dedication of our people, both on site and those in central support services. Individually and collectively they embody ‘The Graham Way’ which is the unique culture that sets us apart.
“On a daily basis they continue to build lasting relationships with clients, innovate in our approach to delivery, and strive for excellence, which, as a package, is the bedrock behind the strong financial figures published within these latest accounts.”
