Concrete business drives Carey Group profits

A near doubling of profits at Carey group’s concrete frame business helped to lift the diversified group to another strong performance.

Overall group profit remained stable at £19m on revenue slipped 7% to £510min the year to March 2018.

Most of the profits were generated by specialist concrete business P J Carey, which enjoyed a 5% operating margin.

Carey’s south east drylining business BDL also had a good year nearly doubling profit to £3.1m on revenue up a quarter to £86m.

John Carey, chairman of the group, said: “The past year generally has seen a strong performance for the group and where performance levels have fallen below expectations plans to drive improvements have been implemented.

“The board looks forward confidently to continuing growth and success of the business in 2018/19.”

Carey Group businesses
Business	Operating profit		Revenue		Specialism
	2018	2017	2018	2017
P J Carey	£15m	£8.4m	£302m	£347m	Building/civils
BDL	£3.1m	£1.6m	£86m	£62m	Drylining
P J Carey Plant Hire	£0.9m	£1.3m	£37m	£43m	Plant hire
T E Scudder	£3.2m	£2.5m	£46m	£45m	Demolition
Seneca	£1.6m	£2m	£27m	£28m	Waste recycling
Carey New Homes	£1.5m	£5.5m	£26m	£44m	Property development
ION Eviron. Sols.	-£1m	£0.2m	£2.6m	£2.4m	Asbestos
P J Carey (Contractors)	-€0.9m	-€0.12m	€28m	€27m	Irish construction

Net assets grew over the year from £78m to £97m.

The group’s total retentions being held by clients amounted to £27m, up from £24m last year.

from Construction Enquirer http://www.constructionenquirer.com/2018/10/02/concrete-business-drives-carey-group-profits/

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