Firm reports pre-tax profit of 拢6m on turnover of 拢376m in 2011-12
Contractor McLaren has reported a dip in pre-tax profit to 拢6.1m despite turnover rising 41% last year to 拢376.4m.
In its annual accounts the firm reported a 14% dip in pre-tax profit from 拢7m to 拢6m in the year to 31 July 2012, with a pre-tax profit margin of 1.6%.
However, the firm鈥檚 revenue shot up from 拢267m to 拢382m over the period.
McLaren said it was targeting turnover of 拢500m by 2014.
Kevin Taylor, chairman of the McLaren Group said the firm was pleased with the 鈥渟trong performance鈥� on the back of a 鈥渁nother challenging 12 months for the construction industry鈥�.
All of the firm鈥檚 growth came from the UK as revenue from its United Arab Emirates (UAE) arm fell from 拢10.2m to 拢4.7m and revenue from the rest of the world fell from 拢152,000 to nil over the period.
UK revenue grew from 拢256m to 拢371m over the period 鈥� a rise of 31%.
Phil Pringle, director of McLaren, said: 鈥淐ustomer retention remains a key strategy and McLaren take great pride in the level of repeat business, which equates to nearly 70% of current live projects.鈥�
Pringle said the UAE construction market was 鈥渘ow demonstrably on the path to recovery鈥�.
鈥淭he volume and quality of opportunities received has markedly improved and our tender and marketing functions have been reinforced to cope with this increased demand,鈥� he said.
During the last year the firm has built new studio facilities for Sky News and a data centre for technology firm Nova Corp in the region.
In the UK, the firm secured work on a number commercial office developments in London for developers British Land, Derwent London and Stanhope.
Plus, it is working on phase one of the redevelopment of Tottenham Hotspur鈥檚 stadium, following its completion of the club鈥檚 training centre.
Pringle said the firm would continue to grow its presence in the commercial office market as well as targeting more work on mixed-use projects, student accommodation, education, sports and leisure facilities.
The group of companies also increased its staff from an average of 253 in 2011 to 313 in 2012.
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