The McAvoy Group reports 30% revenue uplift and hails return to profitability
The McAvoy Group has reported a strong adjusted EBITDA of £2.4m for its latest accounting period covering the six months to 30th April 2021, with revenues of £23.8m – an increase of 30% year-on-year.
The headline figures herald a return to profitability for the privately owned offsite manufacturer; its modular hire and sales and its permanent offsite divisions were both profitable throughout the reporting period.
Mark Lowry, CEO of The McAvoy Group, said: “It has been a challenging period given the continued impact of Covid-19 and Brexit. Against that backdrop, it has been particularly satisfying to see the business continue its turnaround, recording a like-for-like rise in revenue and posting a strong adjusted EBITDA performance in our latest accounts.
“It’s a great result and is testament to the hard work and dedication of our team. As a leading offsite manufacturer covering the UK and Ireland, we are well positioned to capitalise on future opportunities and we look forward with a high level of confidence.
“We remain focused on winning viable projects across both modular hire and sales and our permanent offsite division. This is underpinned by the continued development of strategic partnerships throughout the various stages of the project cycle, from repeat customers through to design and key supply chain partners. We also benefit from a strong track record in winning work through frameworks, which positions us well for 2022 and 2023, with strong levels of secured revenues.”
The McAvoy Group has secured all its budget revenues for 2022 and significant progress has been made in securing forecast revenues for 2023.
A strong forward order book is supported by an expanding pipeline, particularly in key sectors; education, healthcare and commercial. It recently secured new education projects totaling £39m to be delivered for the Department for Education, including one of the UK’s first low carbon school buildings.
Recently completed projects include the Timebridge Centre in Croydon, London, a new Art, Design and Technology Centre at The Deepings School in Peterborough, Tattenhoe Community Hub in Milton Keynes, and Antrim Area Hospital’s new Urgent Care Centre.