Carey Group turnover tops £402m


Carey Group has reported annual revenue of more than £402 million – a 10 per cent increase on the previous financial year. 

Credit: Carey Group.

The family-owned construction business, which includes fit-out company BDL, also generated an EBITDA profit of £9 million, compared to a £38 million loss in FY2022. 

At 30 September 2023, the Group had net assets valued at £138 million, which included £81 million of real estate and £48 million of net cash. 

Careys also reported an undrawn RCF (revolving credit facility) of £15 million with Allied Irish Bank, which was recently renewed for a further three years to June 2027. 

Allied Irish, NatWest and Paragon Bank have agreed to provide Carey Group with more than £10 million of asset financing facilities to fund its CapEx (capital expenditures) programme.  

“Successful arranging of these facilities demonstrates the confidence the banks have in our management team and our strategy,” said the Group. 

At 30 September 2023, the contracting business – including BDL – had secured 80 per cent of the order book for FY2024 and a pipeline of more than £350 million.  

Strategy and outlook  

Carey Group CEO, Jason Carey. Credit: Carey Group.

“I’m pleased to report that our contracting businesses, Careys and BDL, have completed a significant turnaround,” said Carey Group CEO, Jason Carey. 

“As we look ahead and commence our three-year plan (to September 2026), our continued focus is on targeted, measured growth, margin improvement through disciplined contract take-on and a considered approach to project management. 

“This is supported by continued investment on digital transformation and plant & fleet renewal, to ensure we make it more efficient and safer for our teams to go to work.” 

Carey added: “To support our strategy to deliver exceptional construction services, we continue to make significant investments in Aston Clinton (£20 million), a high specification industrial warehouse building with modern office space which is the new home of Careys Plant & Fleet; a three-year (£10 million) transformation programme enhancing our digital capabilities and efficiencies; and a three-year (£15 million) CapEx investment in our plant & fleet, predominantly on new vans and excavators. 

“On behalf of the Group, I would like to thank our clients for their ongoing belief in us and who see us as the solution to their challenges, and our supply chain whose positive relationships have proved more important than ever over the past 12 months.” 

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