{"id":508116,"date":"2024-10-22T11:00:05","date_gmt":"2024-10-22T10:00:05","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=508116"},"modified":"2024-10-23T10:17:48","modified_gmt":"2024-10-23T09:17:48","slug":"public-sector-work-spurs-exceptional-growth-for-modular-builder","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/public-sector-work-spurs-exceptional-growth-for-modular-builder-22-10-2024\/","title":{"rendered":"Public sector work spurs \u2018exceptional growth\u2019 for modular builder"},"content":{"rendered":"

Modular specialist Reds10 has increased profit and revenue for the fourth year in a row after landing a spate of government contracts.<\/p>\n

The London-based firm\u2019s turnover soared by 70 per cent from \u00a383.8m to \u00a3142.5m in the year ending 31 March 2024, while pre-tax profit jumped from \u00a35.6m to \u00a37m.<\/p>\n

The full-year results continue a pattern of rapid growth<\/a> for Reds10, which has nearly quadrupled its turnover in the past three years, from \u00a337m in 2020\/21.<\/p>\n

Chair Paul Ruddick heralded the firm\u2019s \u201cexceptional growth\u201d, which he attributed to the quality of its products and recent diversification into the justice sector.<\/p>\n

Among the firm\u2019s big contract wins during the year were schools, military accommodation blocks and modular prison cells. It also picked up spots on Department for Education and Defence Infrastructure Organisation (DIO) temporary accommodation frameworks.<\/p>\n

Ruddick said the firm\u2019s order book had increased to \u00a3300m, largely as a result of product development and customer relationships in the education, justice and defence sectors. The average value of the firm\u2019s contracts also rose, he added.<\/p>\n

Reds10 increased its average number of staff by nearly 50 per cent over the year, from 209 to 310.<\/p>\n

Cash and cash equivalents was \u00a311.4m, up from \u00a39.7m for the previous year.<\/p>\n

During the financial year Reds10 completed Imjin Barracks (pictured), a military accommodation scheme with smart building control. Inhabitants can customise heating and ventilation through a touch screen, which also offers information about their energy consumption.<\/p>\n

The firm continued to make operational changes during the financial year as part of a three-year strategy. It appointed its first chief operating officer \u2013 Mace veteran Shaun Tate \u2013 and created a subsidiary, Enlight10, to develop MEP technology to suit modular buildings.<\/p>\n

It also opened two factories in east Yorkshire, bringing its total to five. The firm said it now has the capacity to produce 4,000 units a year across 28,000 squares metres of floor space.<\/p>\n

During the period, Construction News<\/em> named the firm Contractor of the Year (turnover under \u00a3500m) at its annual CN Awards<\/a> and Specialist Contractor of the Year (turnover over \u00a325m) at its CN Specialists Awards. Judges praised the firm\u2019s \u201ccrystal-clear vision, streamlined approach [and] strong focus on customer and end user\u201d.<\/p>\n

After the end of the reporting period, Reds10 became one of six contractors appointed to a \u00a32bn army accommodation framework for the DIO, which Ruddick described as a \u201cmajor success for the company\u201d.<\/p>\n

Looking ahead, the statement said the entry of tier one contractors to the modular sector was a risk but it welcomed \u201ca functioning, competitive marketplace\u201d after the recent failures of multiple 0ffsite manufacturers.<\/p>\n

Ruddick said: \u201cOur latest financial results reflect Reds10\u2019s consistently strong performance despite the challenges of the industry and the wider economy.<\/p>\n

\u201cWe are continuing to invest in advanced manufacturing technologies and techniques as part of our mission to lead the way in industrialised delivery, revolutionising the way buildings are constructed.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Modular specialist Reds10 has increased profit and revenue for the fourth year in a row after landing a spate of government contracts. The London-based firm\u2019s turnover soared by 70 per cent from \u00a383.8m to \u00a3142.5m in the year ending 31 March 2024, while pre-tax profit jumped from \u00a35.6m to \u00a37m. The full-year results continue a …<\/p>\n","protected":false},"author":141524,"featured_media":508235,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false},"categories":[552,39315],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n