Modular contractor Reds10 has recorded a 70% increase in revenue following a strong financial performance during the last tax year.
It is the fourth consecutive of growth for the company thanks to a strong pipeline of projects worth more than £300m, all of which come from long-term programmes of fully funded public sector schemes.
The latest financial results show £142.5m in revenue and an increase of pretax profit of 4.8% at £7m.
Reds10 anticipates further growth and forecasts a revenue of around £160m for 2024/25.
The contractor has continued investing in its MMC manufacturing facility in Driffield, East Yorkshire, by acquiring a fifth factory this year. Its factory floor space now totals 28,000 sq m and the facility can produce 4,000 units per year.
It was recently appointed by the Ministry of Defence as one of the companies of a new alliance to build single living accommodation for the Armed Forces
Reds10’s chairman Paul Ruddick said: “Our latest financial results reflect Reds10’s consistently strong performance despite the challenges of the industry and the wider economy.
"We are continuing to invest in advanced manufacturing technologies and techniques as part of our mission to lead the way in industrialised delivery, revolutionising the way buildings are constructed. By reducing labour while maintaining quality, we continue to showcase MMC as an efficient and innovative alternative to traditional methods of construction, well-equipped to fulfil demand.”
