RED Construction Group, the specialist main contractor, has announced its results for the 2023/24 financial year. Reaching a key milestone for the business, RED Construction Group has reported a turnover of £115m, as the company continues to deliver targeted revenue and achieve sustainable profit.
Across the financial period, from 1st April 2023 to 31st March 2024, RED Construction Group has maintained a pre-tax profit margin of 1.7%, while taking turnover to nine figures for the first time in the company’s history. RED Construction Group forecasted more than 60% growth for 2023/24 in the previous financial year results, a figure that has been exceeded. Maintaining a stabilised income stream, The Group has already secured over £100m in contracts for its 2024/25 financial year.
Operating year-on-year as a stable, profit-generating business, RED Construction Group is firmly established across multiple regions and sectors through an ambitious, controlled growth strategy.
Key project wins and completions in that timeframe include South West’s team work on the £22m Net Zero Carbon Zeal Hotel in Exeter, creating a benchmark for the industry. RED Special Projects’ delivery of Warwick Castle Hotel, part of Merlin Entertainment’s £16.4m investment in Warwick Castle, following works delivered at Merlin Entertainment’s £35m LEGOLAND Woodland Village scheme in Windsor during the previous financial year. RED Construction London completed phase one works at The Sheppard Trust’s redevelopment of the Royal Cambridge Home in Surrey, alongside delivering Barwood Capital’s multi-million-pound redevelopment of Explore, the office building in Richmond.
Graham Sturge, CEO, RED Construction Group, commented: “12 months ago, we predicted 2023/24 would be a huge milestone for the business, and I’m proud that we’ve met that and more, with a turnover comfortably over the £100m mark for the first time. We’ve also sustained a robust profit margin, an important element of the stable, considered growth we want to achieve year-on-year.
“Whilst we celebrate this, we’re also very conscious of the volatility of our market. Our focus for the coming year remains the same – risk management, stable growth, and supporting our supply chain partners, that are often hit hard by that volatility and rarely spoken about publicly. With contracts secured and work underway that will guarantee more growth for 2024/25 – alongside our ongoing relationships with clients, new partnerships, team growth, and project delivery across London, the South West, and beyond – we’ve built a sustainable platform to serve one of the biggest industries in the UK with excellence in the years to come.”
RED Construction Group is currently delivering a portfolio of works across hospitality, commercial, office, and student accommodation sectors. Projects include the landmark 130,000 sq ft office scheme in the heart of Westminster for Tellon Capital, Berkeley Estate Asset Management (BEAM)’s comprehensive refurbishment of 8 Lancelot Place, a live office building in Knightsbridge, and significant works to Manhattan Loft’s iconic St Pancras Renaissance Hotel.
