McLaren Construction generated revenues up 22% to £964 million in 2022/2023 and is on course to break the £1 billion annual turnover barrier in 2023/24.
Buoyed by strong performances in the commercial office, leisure, industrial & logistics, residential and data centre markets, McLaren’s strong rise in turnover translated to a pre-tax profit of £6.4 million, which includes substantial investment in Building Safety, Sustainability and Digital Transformation capability.
McLaren handed over 19 projects in 2022/2023 and continued construction on 75 projects (project values ranging between £10m and £220m) working on some of the United Kingdom’s most notable developments, cementing the company’s reputation as one of the country’s premier building contractors.
Notable projects included ExCel London Convention centre, continuing work on developer Quintain’s Wembley Park build-to-rent estate, the Salvation Army’s new HQ, a new F1 head office facility for Aston Martin and projects for top developers such as British Land, Argent, Tishman Speyer, Aviva and Landsec.
McLaren Construction Group Chairman Kevin Taylor said: “We have had a good year, working successfully through challenging economic times. McLaren Construction is a highly consistent performer, trusted by our customers and our teams to deliver across the vibrant mix of building sectors. From our founding in 2001, I am proud that we are close to breaching the £1 billion barrier, but quality of construction and sustainable profitability will always be the most important goals for myself and our executive team.”
McLaren Construction Group Vice Chairman Phil Pringle said: “ We have continued to focus on repeat business with our customers through enhancing relationships and fully understanding their requirements. This, combined with the strong relationships we have established with the supply chain and our commitment to investing in our people has been pivotal to our ongoing to success."
McLaren Construction Group Chief Executive Paul Heather said: “While winning and delivering top-tier projects is in McLaren’s DNA, we are also staying faithful to our roots by continuing to work on smaller contracts. “We will not turn our back on this as we grow because we wish to spread our skillset across a range of different projects and to develop our teams accordingly.”
Group employees rose by 140 to 900 in 2022/2023, and during 2023 McLaren also relocated its head office to a state-of-the-art building at Canary Wharf, delivering a meaningful saving in head office rental costs.
"We want to remain lean for our customers’ benefit,” Heather continued.
McLaren International business unit continued to focus on its core sectors in Abu Dhabi and Dubai including aviation, education, commercial, data centres, high-end residential and food production.
New project awards have supported a significant increase in McLaren Construction’s United Arab Emirates turnover and profitability.