Modular firm Reds10 sees third consecutive year of growth

Modular construction company Reds10 has reported its third consecutive year of growth in its annual results. 

For the year ended 31 March, the London firm published revenue up by 32% year-over-year (YoY) since 2020-21 – and 17% higher profits over the same period. 

It anticipates continued growth for the current financial year, forecasting revenue of £115 million. 

The results for the year ended 31 March were driven by ‘harnessing a platform approach and considerable investment in customer relationships and product development’, said Reds10. 

Highlights 

• Revenue up 32% YoY to £83.8 million (£63.4 million in 21/22, £37million in 20/21). 
• 126% total increase over three-year period. 
• Profit after tax up 17% YoY to £5.6 million (£4.8 million in 21/22, £1.3 million in 20/21). 
• Operating profit well above industry benchmarks at 6.2%. 
• Strong balance sheet and company is debt free. 
• Robust pipeline – secured revenue (orders and intents) at year end of £272 million – all coming from long-term contracts. 
• 276 employees at year end, representing a 69% increase during the year (136 in 21/22, 105 in 20/21). 

The firm has also further expanded its manufacturing facility in East Yorkshire – and secured a fourth factory, increasing production capacity by 25% to 200,000 sqm. Three more factories are also planned. 

Reds10 has invested heavily in R&D and wider ESG initiatives. 

Pipeline 

£60 million of construction work was started by the company during the financial period on projects for the Ministry of Justice (MoJ), the Department for Education (DfE), and the Ministry of Defence (MoD).  

Reds10 has also secured positions on three frameworks for Crown Commercial Service Offsite Solutions, MMC New Homes, and HNS SBS. 

“This year has been another period of high performance and achievement as Reds10 continues its consecutive year-on-year growth trajectory, bucking the market trend despite wider challenges,” said Reds10 CEO, Matt Bennion.  

“Our strong secured pipeline of work is testament to Reds10’s focus on innovating products that are tailored to meeting customers’ needs, our unique platform approach, vertically integrated delivery, an ongoing commitment to product innovation and in-house design capabilities.  

“We have continued to enhance our reputation in the industry as a Tier 1 contractor that consistently delivers innovative building solutions.  

“Our mission is to change the way spaces are designed, built, financed and operated, proving that MMC can deliver better, faster and more sustainably compared to traditional methods.” 

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