Engineering specialist Spencer Group has seen turnover increase more than 17 per cent to £63.4 million as a period of significant growth kicked in.
The multi-disciplinary operator provides solutions to the energy, transport, infrastructure, materials handling and industrial sectors, specialising in complex and business-critical schemes from its Hull headquarters.
The £9.5 million uplift also saw pre-tax profits increase at the same rate, up from £1.8 million to £2.2 million.
Executive chairman Charlie Spencer OBE said: “These encouraging results reflect our focus on our core strength of delivering challenging engineering projects. We’ve continued to do this by utilising our exceptional in-house design and construction expertise across multiple sectors to provide competitive advantage.
“Our growth strategy has been to target projects that specifically match our capabilities and specialist knowledge.”
“We have a strong order book going forward and we are confident of exciting future opportunities, particularly in rail infrastructure and maintenance facilities and the repair, refurbishment and maintenance of bridges, two fields in which we are acknowledged industry leaders.
“The Covid-19 pandemic has presented challenges to every business but we remain in robust financial health and move forward from a position of strength.”
A £4 million loan facility has been negotiated, using the government-backed CBILS scheme to protect trade through the “disruptive impacts the pandemic has caused to clients and the company’s processes and working practices”.
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The accounts, just published, focus on the year to March 31, with Spencer entering the new work with secured work valued at £55 million.
Flagship projects included a major rail capacity enhancement at Stevenage Station in Hertfordshire.
The complex £30 million scheme involved constructing a 130m-long platform, complete with approximately two kilometres of new electrified track and signalling, to enable additional services into London King’s Cross.
It was completed a year ahead of the scheduled opening by working in close collaboration with immediate client Network Rail, end user Govia Thameslink Railway and other stakeholders.
Spencer Group, an employer of 244, was also appointed to carry out a long-term maintenance programme on Scotland’s Erskine Bridge.
More recently, Spencer Group began work to refurbish and rebuild the 200-year-old Union Chain Bridge linking England and Scotland.
The company was appointed by Northumberland County Council to dismantle the historic crossing over the River Tweed and carry out a complete refurbishment and rebuild to mark its bicentenary.
Mr Spencer told how the year had also seen a strong increase in the strike rate for tenders won. The Humber Quays team is approaching an ‘every other’ win situation at 46 per cent, up from one in three in 2019.