Construction Enquirer News St Albans contractor founded by former McLaren directors boasts £180m order book
A St Albans-based Glencar Construction has catapulted into the ranks of medium-sized construction contractors in just six years.
Glencar Construction is now sitting on a £180m order book, has just hired 50 staff and opened a new office in Birmingham to serve a growing number of key clients in the Midlands and North.
The business, founded by former McLaren directors Eddie McGillycuddy and Chris Cleave, has just reveled results for the last 18-month period to September 2020.
During this time revenue soared as Glencar took on larger contracts to £145m from just £22m in the previous 12 months, generating a pre-tax profit of £2.8m.
The firm, which now employs over 80 staff, holds £2om in cash.
McGillycuddy, managing director, said: “Despite these unprecedented times we are living in and the obvious social and economic challenges we are faced with, revenue for the period has grown exponentially – driven by key contract wins with a broad range of new customers and through retaining key customer relationships.”
During the period 29 project instructions were received with average projevct value up to £5.2m from £2m.
“By investing in our people, processes and infrastructure we are creating the solid foundations by which to operate and for the business to succeed.
“We have also maintained a high degree of profitability which places Glencar on a strong financial footing,” he added.
“We have strengthened our senior leadership team considerably and more than doubled our headcount so I am confident we have the right people in the right places to continue to press forward.
“With a committed forward order book of over £180m Glencar is showing no intention of slowing down and looks forward to 2021 with a firm sense of optimism.”