Contractor gets boost from the sale of its McLaren Property business
Pre-tax profit at contractor McLaren Construction has nearly doubled to 拢11.7m, according to the firm鈥檚 latest set of accounts.
The accounts for McLaren Construction Group PLC filed at Companies House, show the firm made a pre-tax profit of 拢11.7m in the year to 31 July 2013, up from 拢6m in the previous year.
Much of the profit - 拢6m - was accounted for by the sale of its McLaren Property business in December 2012.
The firm reported a small fall in revenue from continuing operations to 拢352m in the year to 31 July 2013, down from 拢375m the previous year.
But total revenues, which included revenue from discontinued operations, rose slightly to 拢378m in its 2013 financial year, up from 拢376m the previous year.
Writing in the accounts managing director Phil Pringle said: 鈥淣ationally we have witnessed a good level of opportunities during the last year and despite difficult and challenging trading conditions, we have continued to remain selective in terms of those projects that we have targeted and secured.鈥�
鈥淭here are promising signs that the construction industry is emerging out of its long recession and our opportunity pipeline both currently and moving forward reflects this.鈥�
He said he anticipated the group achieving 鈥渃ontrolled growth within our core operating sectors鈥� and still 鈥渄iversifying into new market鈥�.
Pringle added that McLaren was poised to 鈥渆nhance its position鈥� in the sector following 鈥渓ast year鈥檚 period of consolidation鈥�.
The firm also expanded its staff levels in its 2013 financial year. The total average number of staff rose to 366 from 313 in 2012.
As part of the expansion it took on 34 senior and site managers, four technical directors and 16 administration staff.
However, the two directors, Pringle and John Gately, took a pay cut as their total remuneration fell to 拢357,490 in the year to 31 July 2013, down from 拢741,790 the year before.
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