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Spencer Group points to strong performance despite difficult market

Turnover and profits have increased at infrastructure engineering specialist Spencer Group following key UK bridge works.

Fresh accounts for the Hull-based firm, which delivers complex projects in the bridges, rail, industrial and energy markets, show turnover grew to £61m in the year to the end of March 2024, up from £57m previously. Turnover has fluctuated at the group, climbing as high as £113m in 2017 and reaching £75m the year after.

Meanwhile operating profit increased to £2.8m from £603,000 and pre-tax profits doubled to just under £3m, from £1.48m the year before.

The growth follows a number of sizeable contracts delivered during the the year, including a temporary walkway on the listed Connel Bridge near Oban on the west coast of Scotland, and refurbishment and rebuilding of the historic Union Chain Bridge, which crosses the border between England and Scotland.

That work was also followed by increased headcount at the Humber Quays firm, taking total group numbers from 309 to 320. Bosses say the group started its current financial year with an order book of £79m. Works currently under way include a £36m project at Tyseley rail maintenance depot in Birmingham, for West Midlands Trains and Network Rail, and a major international project involving a cable access system on the Pattullo Bridge in British Columbia, Canada.

Closer to home, the group is delivering a £23m contract to design the site layout and carry out enabling works for what is said to be the UK’s first commercial scale liquid air long duration energy storage facility at Trafford Energy Park in Manchester.

Charlie Spencer, executive chairman, who founded the business in the late 1980s, said: “Our latest accounts reflect a very positive performance over the year, despite difficult market conditions. There was considerable economic uncertainty during the year, which had a negative impact on investment decisions. Against this backdrop, we continued to secure a healthy pipeline of new work, from both existing and new clients, while delivering projects to an exceptionally high standard.

“More recently we have seen activity start to recover, which is improving confidence in the construction and engineering markets and bodes well for our business going forward.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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