Oliver Connell reports ‘unprecedented’ growth


Oliver Connell & Son Limited has reported “unprecedented” growth in its latest financial results. 

Credit: Oliver Connell & Son Limited.

The South Greenford groundworks and concrete frame contractor posted turnover of £142 million for the year ended 30 June 2023, a 22 per cent increase on the previous financial period (£116.7 million). 

Gross profit was £16.1 million (FY2022: £7.6 million) and EBITDA was £12.9 million (FY2022: £4.9 million). 

Profit before tax was up 253 per cent to £10.6 million, compared to £3 million in the previous financial year.  

The 50-year family-run business also reported a cash position of £17.5 million (FY2022: £13.5 million). 

Net assets were valued 26 per cent higher than in FY2022 (£17.8 million) at £22.4 million. 

“In the financial year the company has reported unprecedented growth in turnover, profit and cash reserves,” said the company. “This excellent performance is the result of several factors, including a more strategic and targeted approach to projects tendered, a highly motivated workforce delivering our projects in a safe and efficient manner, a senior management team now in place bringing a wealth of industry knowledge and a fully supportive supply chain.” 

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