Gleeds’ cost management business is enjoying increased revenue and profit as framework wins help to boost income alongside strong activity within the public sector.
For the year ended 31 December 2024, revenue increased by 26 per cent to more than £108 million, compared to £86 million the year prior, underpinned by an operating profit of more than £3.7 million (FY2023: £2.6 million), generating an operating margin of 4 per cent (FY2023: 3 per cent).
Bosses said the result was mainly due to a strong income performance as the company focused more keenly on framework contracts, adding public sector work, which is the company’s main source of revenue, is secure for the foreseeable future.
Looking to its balance sheet, the business reported improved net assets of more than £10 million, up from £7.5 million the year before.
And while cash is pooled by several of the Gleeds’ group of companies and managed as an overall pot, the Gleeds Foundation pledged £100,000 to charitable causes in 2024.
No dividends were awarded during the year, and the directors did not recommend the payment of a final dividend (FY2023: £NIL).
SPONSORED CONTENT by CHIME
“Having an electronic platform has improved timekeeping across the workforce and provided real-time accurate reporting.” Russell O’Dwyer – Engineering Director, Timeless Building Services. Read More
“The directors are pleased with the increase in revenue which shows a strong performance due to an increased focus on framework contracts,” a financial statement reads.
Adding: “At the end of December 2024, Gleeds Group started delivering the project of amending the group structure to position itself to deliver against the management’s long-term objectives.”
The Gleeds Group, now headed by Gleeds LLP, employs more than 2,800 people, operating from 78 offices in 28 countries, providing commercial and contract management, programme and project management, property and asset management, and advisory services.
Was this interesting? Try: RSK: How Alan Ryder built a £2.2bn business in five years
If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.
