McLaren Construction has seen an 88 per cent increase in pre-tax profit with the acquisitive Essex contractor continuing to expand into new markets.
Latest figures filed at Companies House show McLaren made a pre-tax profit of £3.2 million for the year to July 31 2009 – up from £1.7 million in the previous 12 months.
McLaren is debt-free and has built up a £17.7million war chest to fund possible acquisitions as other contractors continue to struggle in the current economic climate.
Turnover for the year was stable at £130.8 million compared with £131.9 million the prior year.
The period covered by the results saw McLaren take on a number of contracts from failed rival William Verry including the showpiece Westminster College job in central London.
The Westminster deal reinforced McLaren’s strategy of diversifying into new markets which has seen the firm pick-up new work on long-term frameworks including Building Schools for the Future and the Royal Mail’s £300 million new build and refurbishment programme.
Chairman Kevin Taylor is driving the diversification strategy which has also seen McLaren win work in the residential, hotel, multi- storey car parking, retail and civil engineering sectors.
He said: “Our strong cash position means we can continue to build good relationships with our clients and we can take advantage of opportunities that arise in the market.
“The Verry deal was typical of the sort of opportunity we are looking for and I am confident that this year will continue to see McLaren thrive both in the UK and overseas as we seek to grow the business and embed ourselves as the contractor of choice with our clients.”
Managing director Phil Pringle said: “These numbers are a result of our strategy during the past decade to deliver a quality product to our clients.”