RED Construction Group announces 164% turnover rise amid period of significant organic growth
RED Construction Group, the specialist main contractor, has announced that the company has seen its revenue more than double in the last financial year, a 164% increase, facilitated by sustainable growth in regional and project diversification.
Rising from £24.58m during 2020-2021 to £64.78m during 2021-2022, RED Construction Group has maintained a pre-tax profit of 2.3%, £1.46m. Founded in 2016, RED Construction Group has fast become an established partner for developments throughout London and South West regions, offering unparalleled expertise and market knowledge including commercial, residential, education and industrial buildings.
In the past financial year, RED Construction Group also announced a group restructure to strengthen the businesses, unveiling distinct operating companies to cover key regional opportunities, RED London and RED South West. RED Special Projects, the company’s newest operating division, was also announced this year, focused on delivering exceptional construction services on building projects valued from £100k to £7m.
Graham Sturge, CEO, RED Construction Group, commented: “It has been a milestone year and a period of huge growth for RED Construction Group. We’ve increased the size of the business and built company longevity with the implementation of key regional operating divisions, while going back to our roots with the creation of the dedicated RED Special Projects team.
“We continue to build on our solid foundations and in line with our strategic growth plan, we have consolidated our position this year, with a secured order book for year ending 2023, forecasting revenues of £70m. At the heart of our strategy is the aim to be the contractor of choice in the commercial, residential, hotel and leisure markets, based on the company’s reputation being synonymous with effective delivery across new build and refurbishment projects in the UK. I am extremely proud of what RED Construction Group has achieved in the past 12 months, which wouldn’t have been possible without our outstanding team and partners.”
During the financial year, RED Construction Group completed a number of high profile projects, such as 14 Park Crescent for Amazon Property, the refurbishment of 3 Shortlands for Romulus, and The Angel Central refurbishment for CBRE Global Investors. Other significant projects in 2022 include The Visitor Pavilion for Argent Related, Commercial redevelopment for Seaforth Land, Townsend House for ITC Properties and ONE Hundred Shoreditch Hotel.