Oliver Connell & Son has returned another record profit margin and robust balance sheet, following a ‘bigger and bolder’ investment strategy that saw the family-run construction business expand its reach well beyond London and into the southwest of the country, to pursue high-value contracts of greater size and scale in consistent end-markets.
* Be sure to follow the link at the bottom of this article to read the fascinating history and growth of Oliver Connell & Son.
For the year ended 30 June 2025, Oliver Connell & Son generated a pre-tax profit of £22.6 million, up 11.4 per cent on FY2024, underpinned by revenues of £150 million, a 15 per cent increase on the prior year.
Bosses said the growth was in part due to a “shift in focus” as well as heavy investment in its estimating department over the last 18 months, as the firm strategically targeted and secured larger construction projects with new and existing clients, resulting in average project margins of 13 per cent over the year.
Back in June, Oliver Connell also announced the opening of a new headquarters in Bristol, to support a strategic expansion beyond London into the southwest of the UK, whose region has yielded new work for the company, including in South Wales.
The move meant the contractor finished the year with a forward order book worth £141 million, and bosses are already forecasting further growth in turnover next year, to £160 million.
Looking to its balance sheet, net asset value rose by 33 per cent in the year to £39.3 million, underpinned by robust cash reserves of £34.5 million, up 10 per cent on the previous period.
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During the last five years, the company has invested heavily in its senior leadership team, including Daniel O’Donovan as finance director, David Heath as health and safety director, as well as senior appointments at site level, as bosses manage a sustainable growth trajectory and commitment to achieving net zero by 2030.
The plant division once again met its expected return for the business (£4 million), following significant investment in recent history.
Elsewhere, Oliver Connell maintains an industry-leading Accident Frequency Rate of 0.04.
Now, in its 52nd year of trading, and with the third generation of the family coming through the ranks, Oliver Connell is one of the UK’s leading specialist contractors, helmed by James (manging director), Tom (director), and Patsy, since 2010.
“With the current market conditions in London, and specifically the residential market continuing to be challenging, the company expanded its footprint beyond London, opening a regional office in Bristol and South Wales and securing new work in Cambridge, Oxford, and the South Coast,” said James.
He added: “Infrastructure turnover rose to 21 per cent, reflecting a resilient diversification strategy, while Aviation is expected to rebound in 2026.”
Was this interesting? Try: From organ transplants to rocketing revenues – how two brothers built Oliver Connell & Son
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