Family-owned construction subcontracting group Careys made a pre-tax profit of £7.5m for the year to 30th September 2024 (2023: £6.2m) on group revenue of £388m (2023: £402m).
While revenue was down 3% on the previous year, it was still up on 2022’s £364m.
It was also a year of cutbacks at Careys in the face of escalating costs. The average number of staff was 622 during the year, compared to 821 in 2023 – a 24% cut – although staffing costs still increased to £64.5m (2023: £63.0m).
Net cash at year-end was £24m (2023: £25m) and net assets were £85m (2023: £78m).
Chief executive Jason Carey wrote in the annual report: “The last 12 months has seen us deliver another solid performance with out strategy key to maintaining our focus and momentum, and as a result we continued to move in the right direction as a group.
“This is founded on strong leadership, dependable operational delivery, solid client and supply chain relationships and a strong order book. The group is well positioned in our key regions and core sectors to continue to generate sustainable and profitable growth as we continue to deliver a diverse range of projects in the safest of environments.
“There is, however, still room for improvement, increased performance and greater consistency, which is a core focus of our strategy in the year ahead.”
The annual report also notes the passing of one of the three founding brothers, John Carey, who died in September 2024 at the age of 83.
“His passing was felt deeply across all colleagues and we are committed to respecting and upholding his legacy in our decision making,” the directors say. “Throughout the year the board have been developing family guiding principles that reflect the vision and values of John and his brothers Pat and Tom Carey. These continue to be developed and, once adopted, will further assist the board in ensuring that all decisions made take into account those of our shareholder.”
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