Contractor Shaylor has revealed turnover growth of more than 40 per cent in its latest results alongside a margin of close to 5 per cent.
The firm’s revenue increased to £143.8m for the year to 30 September 2017, up from £100.8m in the previous 12 months.
Pre-tax profit stood at £7m for the period to give a pre-tax margin of 4.8 per cent, which Shaylor attributed to repeat business and framework agreements.
The company’s balance sheet weakened slightly, with net assets decreasing from £17.9m in 2016 to £15.3m in 2017 as the amount it owed to trade creditors increased.
However, the group’s cash position grew from £11.9m to £14.7m for the year.
Chief executive Stephen Shaylor said the company’s strong balance sheet and cash reserves were “core strengths of the business”.
The West Midlands-based contractor is split across four divisions covering new build, interiors, renewal work and special projects.
Repeat business and framework wins account for more than 80 per cent of Shaylor’s revenue.
Shaylor said it is currently working on 25 frameworks, including with the Ministry of Justice as well as with Mapeley on a PFI deal to manage estates leased to HMRC.
The contractor also highlighted its work in the student accommodation, retail and leisure sectors.
Shaylor is now targeting annual revenue growth of 20 per cent year on year with a margin of more than 5 per cent, something it plans to achieve through a mix of repeat work and “premium” jobs.
Ms Shaylor said: “Our selective approach to new business continues to place us on an upward trajectory as we continue our path of managed growth.”
The firm took on 40 more staff in 2017, bringing its total headcount to 239.
Shaylor added that 80 per cent of its work for 2018 has been secured.