Sunday, July 21, 2024

Northamptonshire contractor reports 56% revenue growth

A continued focus on the later living sector has seen main contractor Kori Construction grow revenue by almost 56% in the 12 months to March 31, 2024.

The contractor, based in Corby, Northamptonshire, reported sales of £54.1m in 2024, up from £34.7m in the same period of the previous year.

Pre-tax profit climbed to £4m in the 12 months to March 31, up from £1.5m in the previous financial year and generating a profit margin of 10.5% – outstripping the industry average.

The company also reported a 100% increase in net worth and continues to operate a dividend strategy which prioritises strengthening the balance sheet and retaining earned profits to support future growth ambitions.

Jordan Connachie, Managing Director of Kori Construction, described the results as very encouraging, attributing the performance to strong client and subcontractor relationships, and the dedicated and professional team within the business.

He added that the company’s deep sector understanding, combined with robust financial controls, had enabled Kori Construction to mitigate risks, particularly inflationary pressures brought about by increases in material and labour costs.

Mr Connachie said: “Over the year, we have cemented ourselves as the leading main contractor of choice for purpose-built care homes in the UK, which is testament to the strong relationships we have built and maintained with our operator and developer clients, spanning from independent operators to blue chip businesses.

“As a result, the company has safely delivered five projects totalling 332 beds in the year, bringing the total number of completed beds to more than 1,000.

“With a further 10 projects under construction totalling 671 beds, the company continues to experience significant demand in the sector.”

Mr Connachie added future growth would continue to come from the care home sector, but also from the multiroom sector and retirement living projects which accounted for 35% of the company’s pre-construction opportunities over the financial year.

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