William Hare Group has returned to financial health, showcasing robust growth through its strategic initiatives.
- The company’s revenue climbed to £315.5 million, marking a significant increase of £67.2 million from the previous year.
- A noteworthy turnaround, the firm reported a pre-tax profit of £5.8 million, contrasting with the prior year’s loss.
- The strong financial performance is attributed to both a resurgence in international markets and continued UK growth.
- William Hare foresees a prosperous future, reinforced by a diversified and historically strong order book.
William Hare, a major player in the steel construction industry, has made a striking return to profitability, credited largely to strategic growth in key markets both domestically and abroad. The company, as released on 26 September 2024, raised its turnover to £315.5 million for the year ending 31 December 2023. This 27 per cent increase from the prior year underscores the company’s effective financial strategies and robust market presence.
Reporting a pre-tax profit of £5.8 million, William Hare achieved a significant recovery from a £853,000 loss in the previous fiscal year. This shift not only attests to the resilience of the firm but also highlights the prudent financial management exercised by its leadership. The group’s strong balance sheet now reflects substantial headroom against banking and insurance guarantees, indicating a fortified financial standing.
Sue Hodgkiss, the group’s chief executive and chair, articulated that this positive financial outcome is a result of a resurgence in international markets coupled with further domestic growth. Her statement emphasised the enduring strength of their balance sheet, achieved through long-term prudent financial decisions. William Hare’s ranking as 68th in the CN100 list of top contractors by turnover further cements its position in the construction industry.
Operating across the UK and in international locations such as the United Arab Emirates, India, and Europe, the company continues to deliver projects spanning energy, infrastructure, and stadium sectors. Notably, William Hare is a key delivery partner in the Sellafield programme, contributing structural steel work essential to its success.
Amidst challenging economic conditions marked by inflationary pressures, project delays, and a volatile political landscape, William Hare’s achievements are particularly commendable. Matthew Nesbit, a board director, acknowledged these hurdles in a recent press release, praising the company’s ability to navigate such challenges effectively.
The firm’s strategic prowess was further evidenced in May with the acquisition of a prestigious contract for the Broadgate development in London, indicating confidence in its continued growth trajectory. The company’s strong cash reserve, noted as £27.4 million by the end of 2023, further underscores its financial stability, augmented by a declared dividend of £2.2 million.
Looking forward, the firm maintains a strong and diversified order book, described as the best in its history by Sue Hodgkiss. This promising outlook not only assures stakeholders of future stability and profitability but also positions William Hare optimistically for upcoming business opportunities.
William Hare’s strategic growth and robust financial management have decisively repositioned it for future success.
