Masonry and scaffolding specialist, Lee Marley Brickwork has delivered its fifth consecutive year of revenue growth, doubling its 2020 year total, despite delays stemming from government changes to building safety regulations.
For the year ended 31 December 2024, the Reading-headquartered firm achieved record revenue of £87.1 million, up 9.2 per cent from £79.8 million in 2023 and more than double that of £43.3 million from FY2020.
Operating from offices in London, Reading and East Ayrshire, its pre-tax profit rose 25.5 per cent to £3.5 million, up from £2.8 million, while operating profit increased 21.9 per cent to £4.3 million, up from £3.5 million.
However, 2024 was a year of transition, with government changes to residential building regulations reducing the threshold for second staircases in buildings from 30 metres to 18 metres, delaying projects and deferring around £30 million in secured work into 2025.
In response, Lee Marley, which specialises in large-scale, high-rise and complex projects with a focus on mixed-use development, social housing and institutional Build-to-Rent (BTR), said it had implemented cost restructuring measures.
“The slowdown in work allowed the company to give pause to its future strategy and to align its cost base accordingly,” the firm’s board said.
“As a result, the company stripped away a senior management cadre, invested heavily into its commercial and training functions and devolved greater responsibility down our management chains.”
Staff numbers rose to 232 from 211, while management was reduced to five from six.
It saw a seven per cent reduction in administrative expenses and a five per cent increase in project returns in the second half of the year.
The company ended the year with £2 million in cash reserves (FY2023: £1.6 million) and an orderbook of £135 million (FY2023: £114 million), with a further £40 million secured in the first half of this year.
A dividend of £572,000 was paid to shareholders during the year, up from £553,500 in 2023.
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