Business news

Revenue increases as GRAHAM surpasses £1bn landmark for second consecutive year

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1st Jul 2024

GRAHAM has surpassed the £1bn turnover milestone for the second consecutive year as revenue increased to £1.125bn.

The headline figure from recently published accounts (year ending 31st March 2024) is a 2.8% increase on the Group’s 2023 results (£1,093.7bn).

The leading national contractor and developer also recorded profit before tax of £14.8m and maintained its robust balance sheet position with cash at bank and in hand of £151m.

This “strong performance” in the face of well-documented inflationary pressures and significant economic and geopolitical headwinds followed the successful delivery of major projects in each of its core market sectors (building, civil engineering, interior fit-out, facilities management and development management).

Across the wider industry, higher borrowing costs and the evolving regulatory and legislative environments have led to a slowdown in planned start dates for major construction projects while impacting upon contractor profitability. To offset many of these challenges, the Group has focussed on a sustainable growth model built on the platform of strategic supply chain management and selective work winning.

This approach has resulted in a record pipeline of secured work in excess of £2bn.

Commenting on the latest accounts, Andrew Bill, GRAHAM Group Chief Executive Officer, said:

“The latest published accounts for the Group are pleasing and underline the strong performance of each of our divisions within our core market sectors. We prioritise robust governance and commercial management which are the backbone of our sustainable growth model. Significantly, the continued success of the Group has been achieved despite global economic uncertainty and inflationary pressures. The market has been challenging but our consistent focus on quality delivery and commitment to securing repeat business through the development of collaborative client relationships have allowed us to grow sustainably over the past year. Looking forward, we have developed a significant pipeline of opportunity to allow us to positively approach the next 12 months, and beyond, with energy and optimism.”


Breadth of delivery 

The scale, scope and variety of GRAHAM’s national portfolio have been central to its continued strong financial performance. Projects such as Candleriggs, a 346 unit Build to Rent development in Glasgow (£81.5m), improvement works to the M25 Junction 28 in Essex (£154m), the interior fit-out of BT’s new 76,000 sq. ft. offices in Dundee and the restoration of the historic Cathays Grade II Listed Library for Cardiff Council underline the breadth of its expertise.

At Lord’s Cricket Ground, the iconic home of cricket, the company has also been named as the preferred bidder for an iconic redevelopment project encompassing the Tavern and Allen Stands, while it recently secured planning consent for a transformative regeneration project at Meadowbank in Edinburgh that will see the development of over 700 much-needed homes – over 35% of which will be affordable – across a five-hectare site that will create one of the city’s “greenest neighbourhoods”.


Environmental, Social and Governance 

Beyond the balance sheet figures, GRAHAM’s track record for “delivering lasting impact” is evidenced in the £538.4m Social Return on Investment (SROI) it has delivered for communities across the UK and Ireland.

As a responsible, sustainable business, the Group’s drive to Net Zero has also resulted in a 19% absolute reduction in Scope 1 and 2 carbon emissions and the achievement of a 98% rate for the diversion of construction waste from landfill.

GRAHAM continues to make substantial investments in the skills and development of its people and supply chain with a robust training program that provides five days of training per person each year. Notably, GRAHAM was the first UK organisation to achieve Investors in People (IIP) “We invest in Wellbeing Platinum” status this year. Additionally, IIP reaccredited GRAHAM with “We invest in People Platinum” for the third time—an achievement attained by only 5% of organisations across all industries. Most recently, GRAHAM earned the “Investor in Diversity Gold” award and secured the 29th position among the Top 100 Equality, Diversity, and Inclusion companies in the UK.

Attributing the continued success of the business to the concerted efforts of the 2,500-strong workforce, Andrew, added:

“The ongoing growth of GRAHAM is due to the hard work and dedication of our people, both on-site and those in central support services. Individually and collectively they embody ‘The GRAHAM Way’ which is the unique culture that sets us apart. On a daily basis they continue to build lasting relationships with clients, innovate in our approach to delivery, and strive for excellence, which, as a package, is the bedrock behind the strong financial figures published within these latest accounts.”

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