Manchester developer and builder Renaker Build delivered record revenue last year ahead nearly a third at £229m.
But inflationary cost pressure hit its high-rise residential projects causing pre-tax profit to slip to £5m from £6m in the prior year.
The firm, which was set up in 2006 by former Laing O’Rourke employee Daren Whitaker, boosted its headcount to 365 staff as it completed several projects and developed its pipeline of high-rise housing.
Whitaker said: “The increase in turnover has not generated a proportionate increase in net profit due to a reduction in year-on-year gross margin, partially due to inflationary pressures.
“The business continues to navigate external uncertainties well and has taken further measured steps to grow revenue, being able to progress further significant contract pipeline during the year.
Turnover in the year to October 2023 was driven by contract delivery at Cortland Tower and Bankside at Colliers Yard, The Blade and Circle at New Jackson and T1 & T2 at Union Living.
He added that future developments would see the delivery of 2,343 new homes, 762 co- living studios and a new city centre primary school.
Whitaker said the firm was now operating under letters of intent for four new projects, which are expected to commence construction this year.
Planned 71-storey tower, nicknamed the ‘Lighthouse’ will top out Renaker’s Great Jackson Street cluster
Renaker is presently also seeking planning for a 70-storey tower in New Jackson.
The cost of building the project has been put at £234m for a final development value of £300m.
