Hull-headquartered engineering contractor C Spencer has delivered increased revenue and profits in its latest financial results, with a strong forward order book also achieved.
Turnover for the year ended 31 March 2024 was £61.4 million, ahead of the £57.4 million achieved in the previous financial period, generating a pre-tax profit of nearly £3 million (FY2023: £1.4 million).
“The Board continues to focus its energies into delivering work across its core markets of rail, bridges, energy, infrastructure, specialist engineering services, building and design management,” said the business.
“The group enters the new financial year to 31 March 2025 with secured work in hand of £79 million and a pipeline of £227 million from which to draw its opportunities.
“The group is trading satisfactorily […] and the directors are confident that this will continue.”
The East Yorkshire engineering business reported an operating profit this year of £2.8 million, a major increase from the £603,000 it saw in the prior financial year.
At the year end, C Spencer’s balance sheet had net assets and total equity of £13.8 million, a healthy increase on the £10.4 million recorded the year before.
No interim dividend was paid during the year (2023: £Nil) and no final dividend is proposed (2023: £Nil).
The business posted profit for the year of just over £3 million, following £1.7 million achieved in the prior trading period.
“The group enjoys partnering arrangements to deliver agreed packages of work with certain clients and actively tenders for other projects,” said the business.
“This approach and the Board’s focus on sector diversification ensures that the group is not solely reliant on limited clients in a single market.”
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