Vertically integrated offsite construction specialist Reds10 announces its annual results for the year ended 31 March 2023, delivering another strong financial performance, recording a third consecutive year of turnover and profit growth and significantly strengthening its balance sheet. The strong performance has been delivered by harnessing a platform approach and through considerable investment in customer relationships and customer focused product development.
Highlights reported included: revenue up by 32% year on year to £83.8million (£63.4million in 21/22: £37million in 20/21, seeing a 126% total increase over three-year period, a robust pipeline in place that exceeds future projections – secured revenue (orders and intents) at year end of £272million – with 100% coming from long-term programmes of work, operating profit remained strong and well above industry benchmarks at 6.2%. Further expansion of its manufacturing facility in East Yorkshire, where it secured a fourth factory increased production capacity by 25%.
Matt Bennion, CEO of Reds10, said: "This year has been another period of high performance and achievement as Reds10 continues its consecutive year-on-year growth trajectory, bucking the market trend despite wider challenges. Our strong secured pipeline of work is testament to Reds10's focus on innovating products that are tailored to meeting customers' needs, our unique platform approach, vertically integrated delivery, an ongoing commitment to product innovation and in-house design capabilities.
"We have continued to enhance our reputation in the industry as a Tier 1 contractor that consistently delivers innovative building solutions. Our mission is to change the way spaces are designed, built, financed and operated, proving that MMC can deliver better, faster and more sustainably compared to traditional methods."
The company commenced £60million of construction work during the period on separate projects for the Ministry of Justice, the Department for Education and the Ministry of Defence. In addition, Reds10 secured positions on a further three value-creating frameworks, for the Crown Commercial Service Offsite Solutions, MMC New Homes and HNS SBS. During the year, Reds10 invested significantly in R&D to develop and deploy new technologies that help to improve end user experience and building quality.
Source: www.reds10.com
