London specialist Red sees revenue rocket

London specialist Red Construction more than doubled its revenue in the last financial year as it restructured its business along regional lines.

Turnover rose 164% to £64.8m, in the year to 31 March 2022 as pre-tax profit at the business, which was founded in 2016, hit £1.5m – up from £577,000 previously.

The year saw the group, which is based in Farringdon, set up Red South West with an office in Bristol to target work in that region while it also launched Red Special Projects to focus on specialist jobs such as façade replacement, structural alterations and refurbishment.

Red’s projects in London during the period included work for Amazon Property and an ongoing scheme to revamp a shopping centre in Islington, north London, which it was drafted onto in 2019 following the collapse of original contractor Simons.

In the accounts, which were signed off just before Christmas, chief executive Graham Sturge said project values in the capital during the period have ranged from £5m to £45m with the business, which employs just under 100 staff, expecting revenue to hit £70m in its latest financial year.