Engineering business C Spencer Ltd delivered a strong trading performance in its latest published accounts, for year ended 31st March, 2022, recording significant growth in turnover and profit.
The Hull-based business recorded turnover of £70m, up £28m (67%) on the previous year, while after-tax profit was £1.9m, an almost four-fold rise on the £526,000 achieved the year before.
C Spencer Ltd continues to deliver high-quality solutions to complex engineering challenges for its blue-chip client base in the rail, bridges and industrial sectors.
Slipform Engineering Ltd, in which parent company Spencer Engineering Group Ltd holds a majority shareholding, also made a significant contribution to the Group results, increasing turnover to £6m and delivering a pre-tax profit of £826,000, having established itself as a premium specialist contractor. These figures are in addition to the turnover and profits posted by C Spencer Ltd.
Slipform Engineering’s unique slipforming construction process delivers significant programme and cost savings for clients and has been used successfully for several projects within the huge Thames Tideway scheme in London, as well as high-rise developments across the UK.
C Spencer Ltd entered the current financial year with an order book of secured work totalling £45m and a healthy pipeline of further contract opportunities.
More recently C Spencer Ltd has been appointed for a series of prestigious projects, including construction works to deliver the new £26.5m White Rose Railway Station in Leeds and a series of major bridges projects, such as the further renovation of Menai Suspension Bridge between the island of Anglesey and mainland Wales.
Charlie Spencer OBE, founder and Executive Chairman, said:
“We’re pleased to record a very successful and profitable business year. The significant growth in turnover and profits underlines the strength of our recovery from the previous year results affected by the impact of the COVID pandemic.
“In the current year we are delivering several exciting projects for existing and new clients and, looking further ahead, we have a very strong pipeline of future work.”