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Glencar increase profit on reduced turnover last year, the firm鈥檚 latest results show.

The St Albans-based contractor recorded profit of 拢3.4m in the year ending 30 September 2023, up nearly 330% from the 拢796,000 it posted in 2022.

But turnover was down 4% to 拢401m, substantially lower than the 拢550m-拢600m the business was targeting for the year.

Glencar said it is now aiming for revenue growth of between 10% and 20% for the coming financial year, which it said was underpinned by a 鈥渟trategy of cultivating repeat business鈥�.

Repeat business accounted for 65% of turnover in its latest accounts, compared with 40% in 2022. Its average contract value was also 28% up, standing at 拢16.9m.

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Chief executive Eddie McGillycuddy, who co-founded the business in 2016, said the focus over the past year had been on 鈥渃onsolidation and building a strong platform for the future鈥�, including 鈥渟ubstantial investments鈥� across the company.

The firm has a 拢350m order book for 2024, which includes work in the industrial and logistics sectors, as well as data centres, life sciences, film studios and fit-out.

Last April, the firm landed a major contract to build a 拢150m innovation and technology centre in Oxfordshire for US pharmaceutical giant Moderna.