Turnaround strategy continues to pay off for Careys

Civils and construction group Careys has posted another strong set of numbers as its turnaround and investment strategy continues to pay off.

The firm hit a low point back in 2022 when Carey Group made a pre-tax loss of £43m.

But it bounced back to profit the following year after a strategy shift and latest results for the year to September 30 2024 show a pre-tax profit of £7.5m from £4.6m last time on turnover of £388m from £402m.

The firm is benefiting from tighter contract controls and “not being afraid to walk away” from jobs it has reservations about.

Careys is also investing heavily in a digital transformation of the business and a refreshing of its plant fleet with £50m set aside during the current three-year programme.

The contractor is also benefiting from the strong financial position of parent company Araglin Holdings Ltd, which has net assets of £143m including £92m of real estate and net cash of £43m.

Jason Carey, Carey Group Chief Executive Officer, said: “I’m pleased to report the Carey Group has consolidated upon the significant turnaround achieved in 2023.

“We have completed the first in our 3-year plan to invest £50m in the digital transformation of the business and in upgrading our plant and fleet. These investments promote efficient business processes and ensure that our operational teams are supported with appropriate levels of equipment and technology.

“Ultimately, our sites will become leaner and more autonomous with less paperwork and manual processes, making it easier and simpler for our teams to do their jobs.

“We continue investing in our engineering and commercial teams as they complete their respective development programmes, ensuring greater consistency in how we deliver, manage and report on our projects and costs, whilst helping to attract new talent to the company.

“As we look ahead, our focus remains on targeted, measured growth in line with inflation, margin improvement through disciplined contract take-on and a considered approach to project management.”

The company has already secured secured 67% of its 2025 order book and has a strong pipeline of work while staff numbers at the business reduced from 822 to 621 following a restructuring of the London division.