Scotland-based contractor and developer Graham Group said it has surpassed the £1 billion turnover milestone for the second consecutive year as revenue increased to £1.125 billion.
The headline figure from recently published accounts for the year ending March 31, 2024, is a 2.8% increase on the group’s 2023 results (£1.093.7bn).
The company also recorded profit before tax of £14.8 million and said it maintained its robust balance sheet position with cash at bank and in hand of £151 million.
Graham said that across the industry, higher borrowing costs and evolving regulatory and legislative environments have led to a slow down in planned start dates for major construction projects while impacting on contractor profitability.
To offset many of these challenges, Graham said it has focussed “on a sustainable growth model built on the platform of strategic supply chain management and selective work winning.”
This approach has resulted in a record pipeline of secured work in excess of £2 billion.
Graham said the scale, scope and variety of its UK portfolio has been central to its continued strong financial performance.
The portfoilio includes 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.
At Lord’s Cricket Ground in London, Graham has 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 homes.
Graham Group CEO Andrew Bil said: “The latest published accounts for the group 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.”