Contractor expects turnover this year to be over 拢600m after covid cuts income

McLaren has said it expects turnover to be over 拢600m by the time its current financial year wraps up at the end of next month.

The firm said income fell 拢125m to 拢526m in the year to July 2020 after being hit by the impact of the covid-19 pandemic which saw sites mothballed as social distancing measures were put in place.

mclaren

McLaren is building a new London headquarters for Dar at 150 Holborn

McLaren, which claimed 拢1.2m during the period from the government鈥檚 Coronavirus Job Retention Scheme, said pre-tax profit was hit by a 拢19.4m exceptional item on a cancelled infrastructure job its Midlands and North business was supposed to carry out.

It said the firm had reached a deal with the unnamed client on the scheme but the provision sent it crashing to a 拢13m pre-tax loss from a 拢3.3m profit last time.

The firm said revenue growth in the current year was being driven by the residential, office, industrial and logistics and healthcare sectors.

Group chairman Kevin Taylor added that profit this year would be back up to pre-covid levels.

Schemes McLaren completed during the year included the Luma residential building in King鈥檚 Cross for developer Argent and work at Barts Square in nearby Farringdon for developer Helical after the firm, along with Mace, was brought in three years ago to take over from collapsed contractor Carillion.

It is also working on Quintain鈥檚 ongoing residential development at Wembley and carried out work on a lifts scheme next door to the VIP entrance at the nearby stadium which will host the final of the delayed Euros next month.

The firm is also building the new home of consultant Dar and architect Perkins & Will at 150 Holborn.

McLaren鈥檚 cash position at the year end was 拢38.9m with shareholders pumping in 拢5m during the year.

Topics