Offsite specialist McAvoy Group returned to profit after providing temporary buildings to schools hit by the RAAC crisis.<\/p>\n
Accounts for the year to 31 May 2024 show the firm\u2019s pre-tax profit rose to \u00a3217,600, up from a \u00a3712,700 loss in its prior year.<\/p>\n
Turnover soared to \u00a375.5m in the period, up from \u00a359.4m.<\/p>\n
The company, which is headquartered in County Antrim, Northern Ireland, highlighted its provision of long-term rental projects in the education sector providing \u201curgent replacement accommodation for schools\u201d as being the main driver of its growth.<\/p>\n
In September 2023, the Department for Education (DfE) ordered more than 100 schools<\/a> to close or partially close their doors due to the presence of reinforced autoclaved aerated concrete (RAAC) and the risk it was believed this posed to safety due to the material\u2019s expired lifespan. Thousands of pupils were then taught in temporary classrooms and modular buildings.<\/p>\n Data obtained by Construction News<\/em> under the Freedom of Information Act showed that the McAvoy Group was paid \u00a336.3m by the DfE for work in England in the 2023\/24 financial year \u2013 which ran until 5 April 2024.<\/p>\n This was a sharp increase from the \u00a39m it received in the 2022\/23 financial year<\/a>, and saw it rise to become the department\u2019s 11th biggest contractor, up from 15th previously.<\/p>\n As well as temporary classrooms, McAvoy also completed the largest project in its history for the DfE in its accounting period, the 1,200-pupil Orsett Heath Academy in Essex.<\/p>\n Other work completed in the year were repeat projects for the Queen Elizabeth Hospital King\u2019s Lynn NHS Foundation Trust and a facility for vulnerable children in Leyton, East London.<\/p>\n A McAvoy joint venture with Kier landed places on frameworks including a \u00a310bn offsite construction solutions framework for the Crown Commercial Service and a \u00a32bn Ministry of Defence accommodation framework.<\/p>\n The firm also received a \u00a31.1m tax credit for research and development work carried out in the period, its accounts show.<\/p>\n McAvoy chief executive Ron Clarke said he was pleased with the results and added: \u201cWe anticipate significant growth in the modular market as demand increases for cost effective sustainable buildings that are flexible, quick to deploy and cost effective.\u201d<\/p>\n A raft of modular specialists have struggled in recent years with many collapsing, including the likes of Ilke Homes<\/a>,\u00a0Mid Group<\/a>,\u00a0Eco Modular Buildings<\/a>\u00a0and\u00a0Caledonian Modular<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Offsite specialist McAvoy Group returned to profit after providing temporary buildings to schools hit by the RAAC crisis. Accounts for the year to 31 May 2024 show the firm\u2019s pre-tax profit rose to \u00a3217,600, up from a \u00a3712,700 loss in its prior year. Turnover soared to \u00a375.5m in the period, up from \u00a359.4m. The company, …<\/p>\n","protected":false},"author":43915,"featured_media":515088,"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\t\n\t\n\t\n