Later living main contractor Kori Construction is aiming to expand into the multi-room and retirement living sectors after another year of strong growth.
The Corby-based contractor lifted revenue by almost 56% to £54m in the 12 months to March 2024.
Pre-tax profit climbed to £4m, up from £1.5m in the previous financial year and generating a profit margin of 10.5%.
Jordan Connachie, managing director of Kori Construction, said the firm’s deep sector understanding, combined with robust financial controls, had enabled it to mitigate risks, particularly inflationary pressures brought about by increases in material and labour costs.
Over the year Kori delivered five projects totalling 332 beds, bringing the total number of completed beds to more than 1,000.
He said the firm continued to see strong demand from the care home market with a further 10 projects under construction totalling 671 beds.
Connachie added future growth would continue to come from the care home sector, but also from the multiroom sector and retirement living projects which accounted for 35% of the firm’s pre-construction opportunities over the financial year.
“With a large undersupply of beds predicted over the next ten years, alongside an ever growing aging population, we expect this demand to continue and our focus will remaining strongly on the sector,” he said.
“Alongside this, our success in the multiroom and retirement living sectors has also been a key component of our growth to date and will continue to drive profitable revenue growth for the business,” he said.
