Margins at modular specialist come in at 5%
Modular specialist Reds10 has seen revenue jump more than two-thirds to over £140m as the firm improved pre-tax profit by a third, its latest set of accounts have revealed.
Turnover was up 70% to £142.5m in the year to March with pre-tax profit up 37% to £7m – giving the firm a pre-tax margin of just under 5%.
The firm said it has targeted the education, defence and justice sectors which has seen its order book rise to £300m.
Its workloads during the year have include jobs for the RAF, temporary accommodation for schools and so-called rapid deployment cells for prisons.
The firm has five factories in East Yorkshire which combined give it manufacturing space of over 250,000 sq ft.
In a statement accompanying the accounts, chairman Paul Ruddick said: “Whilst Reds10 remains well insulated from wider global economic instabilities our sector continues to manage rises in material costs: to address this we have reviewed and where appropriate reset and reinforced our supply chains to mitigate future risk.”
The firm said it expects turnover for the current year to be £160m.
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