A strong trading performance has been delivered by Hull-headquartered engineering business C Spencer Ltd.
Significant growth in turnover and profit saw revenues return to levels last seen in 2018 - ahead of a year dominated by Brexit uncertainty and project pauses, which then ran into the Covid pandemic.
Turnover of 拢70 million represented an increase of 拢28 million - 67 per cent - on the previous accounting period for the rail and bridge specialist. Post-tax profit for the year to March 31 was 拢1.9 million, an almost four-fold rise on the 拢526,000 achieved the year before.
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Charlie Spencer OBE, founder and executive chairman of the Humber Quays business, said: 鈥淲e鈥檙e pleased to record a very successful and profitable business year. The significant growth in turnover and profits underlines the strength of our recovery from the previous year results affected by the impact of the Covid pandemic.
鈥淚n the current year we are delivering several exciting projects for existing and new clients and, looking further ahead, we have a very strong pipeline of future work.鈥
The forward order book stands at 拢45 million, with further contract opportunities identified as it continues to deliver 鈥渉igh-quality solutions to complex engineering challenges for its blue-chip client base in the rail, bridges and industrial sectors鈥.
More recently C Spencer Ltd has been appointed for a series of prestigious projects, including construction works to deliver the new 拢26.5m White Rose Railway Station in Leeds and a series of major bridges projects, such as the further renovation of Menai Suspension Bridge between Anglesey and mainland Wales.
Employee numbers have swelled from 240 to 266.
Slipform Engineering Ltd, in which parent company Spencer Engineering Group Ltd holds a majority shareholding, also made a significant contribution to the results, increasing turnover to 拢6 million and delivering a pre-tax profit of 拢826,000 - having established itself as a premium specialist contractor. These figures are in addition to the turnover and profits posted by C Spencer Ltd - taking it beyond the 拢75 million generated in 2018.
Slipform Engineering鈥檚 unique construction process delivers significant programme and cost savings for clients and has been used successfully for several projects within the huge Thames Tideway scheme in London, as well as high-rise developments across the 海角视频.
With an eye on spiralling raw material and energy costs triggered by the Russian invasion of Ukraine, the directors said they are well placed to manage risks, agreeing to build-in reinbursements where required between tenders and orders.
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