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Reds10 celebrates fourth consecutive year of growth

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Modular construction company, Reds10, has announced its fourth consecutive year of growth, with revenue up by 70 per cent year on year.   

L-R: Paul Ruddick, chairman, and Matt Bennion, CEO. (LinkedIn).

Turnover for the year ended 31 March 2024 grew to £142.5 million, compared to £83.8 million in the prior year*, generating a 4.8 per cent increase in pre-tax profit, to £7 million, and operating profit well above industry benchmarks. 

Reds10 returned a strong balance sheet and remains debt free, with a secured pipeline value of more than £300 million – all coming from long-term programmes of fully funded public sector schemes (with a particular focus on defence, education, health and justice). 

Most recently, the firm was named by the Defence Infrastructure Organisation (DIO) as one of six construction companies appointed to a new alliance to build Single Living Accommodation (SLA) for the Armed Forces. 

The advanced off-site construction firm also continued to invest in its MMC manufacturing facility in Driffield, East Yorkshire, acquiring its fifth factory in 2024.  

Its factory floor space now totals 300,000 sq. ft and the facility has the capacity to produce 4,000 units per year.   

Reds10 said it anticipates continued growth, projecting revenue of £160 million in the 2024/25 financial year.    

Chairman, Paul Ruddick, said: “Our latest financial results reflect Reds10’s consistently strong performance despite the challenges of the industry and the wider economy.  

“Our strong pipeline reflects our unwavering ambition to increase productivity, quality and sustainability so that we can continue to deliver exceptional value to our clients. 

“We are continuing to invest in advanced manufacturing technologies and techniques as part of our mission to lead the way in industrialised delivery, revolutionising the way buildings are constructed.  

“By reducing labour while maintaining quality, we continue to showcase MMC as an efficient and innovative alternative to traditional methods of construction, well-equipped to fulfil demand.” 

* £63.4 million in 21/22; £37 million in 20/21. 

Was this interesting? Try: Another year of record growth for OCU Group 

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