Hull-based engineering contractor C Spencer has delivered increased turnover and profits and reported signs of a gathering recovery in market activity.
The firm doubled pre-tax profit to £3m on the back of a modest 7% rise in revenue to £61m in the year ending 31st March 2024.
The group’s bridge division, which was hived off as a separate company – Spencer Bridge Engineering – within the group in April last year, put in a very strong performance generating a £2m pre-tax profit from £20m turnover.
Improved trading saw the group’s overdraft fall to 615,000 from £2.2m at the start of the year.
Charlie Spencer, founder and executive chairman, said: “Our latest accounts reflect a very positive performance over the year, despite difficult market conditions.
“There was considerable economic uncertainty during the year, which had a negative impact on investment decisions.
“Against this backdrop, we continued to secure a healthy pipeline of new work, from both existing and new clients, while delivering projects to an exceptionally high standard.
“More recently we have seen activity start to recover, which is improving confidence in the construction and engineering markets and bodes well for our business going forward.”
C Spencer, which trades under the Spencer Group brand, picked up 23 jobs over the year achieving a strike rate of 38% up from 31% in the prior year.
It entered the current financial year with secured work totalling £79m and a strong £277m pipeline of further opportunities.
Recently, the business has won a £23m contract to design the site layout and deliver the enabling works and civils for the UK’s first commercial scale liquid air long duration energy storage facility, which is being developed at Trafford Energy Park in Carrington, Manchester.
