FM Conway, a notable highways specialist, has reported significant financial growth.
- The company saw an 8% rise in turnover, reaching £579.8m by 31 March 2024.
- Pre-tax profit almost doubled, reflecting strategic financial maneuvers and eased inflation impacts.
- The acquisition of Flowline and increased activity contributed to financial success.
- FM Conway recently signed a share purchase agreement for its sale to Vinci Construction.
FM Conway, based in Kent, has made headlines with its impressive financial performance for the year ending 31 March 2024. The company’s turnover surged by 8%, reaching £579.8 million, while pre-tax profit saw a remarkable increase, nearly doubling to £29.4 million. This financial success is partly attributed to the strategic acquisition of Flowline, a drainage specialist firm with 164 employees, highlighting FM Conway’s commitment to expanding its operational capabilities and market reach.
According to Mark Goldsworthy, the chief financial officer, the company experienced strong, repeatable, organic growth that significantly bolstered its turnover. He noted that the easing impact of inflation played a vital role in the profit increase. The company adeptly navigated rising prices by enhancing its sales approach and implementing effective cost management strategies, such as using substitute materials where feasible.
Throughout the year, FM Conway expanded its workforce, employing an additional 170 individuals, bringing the total to 2,254 employees on average. This growth in staffing numbers underlines the company’s expanding operations and its commitment to supporting its projects across the UK. However, there remains uncertainty regarding the future roles of current chief executive and executive group chair, Joanne Conway, following the company’s impending sale.
A significant highlight of FM Conway’s year was the delivery of a carbon-neutral resurfacing scheme in Westminster, where 92% recycled materials were used, marking the highest percentage ever utilised on a UK road. This achievement reflects FM Conway’s dedication to sustainability and innovative construction practices. Moreover, the company’s social initiatives include offering self-defence classes to women, aiming to increase the percentage of female workers from 15% to 30%, and supporting the growth of British black bee colonies.
Last week marked another milestone with FM Conway signing a share purchase agreement for its sale to Vinci Construction, a deal that remains financially undisclosed. The transaction represents a significant shift in ownership, positioning FM Conway within the global market reach and operational capacity of Vinci Construction.
FM Conway’s financial and operational strides set a new benchmark in the construction industry, with significant implications for its future prospects.
