Reds10 announces fourth consecutive year of growth with revenue increase of 70%

Another strong financial performance from manufacturing pioneer outperforming industry benchmarks.

Reds10, pioneer in industrialised delivery, has announced its fourth consecutive year of growth in its latest financial results for the year ended 31 March 2024.

Key highlights:

• Revenue up by 70% YoY to £142.5m (£83.8m in 22/23; £63.4m in 21/22; £37m in 20/21)
• Anticipating continued growth – c. £160m revenue forecast for current year 2024/2025
• Profit before tax up to £7m with operating profit remaining strong and well above industry benchmarks at 4.8% (£5.6m in 22/23; £4.8m in 21,22; £1.3m in 20/21)
• The company has a strong balance sheet and remains debt free
• Secured pipeline of over £300m - with 100% coming from long-term programmes of work
• Further expansion of manufacturing facility in East Yorkshire with acquisition of fifth MMC (modern methods of construction) factory

The advanced off-site construction company has delivered another strong financial performance in 23/24, recording a revenue up 70% at £142.5m and an increase in pre-tax profit of 4.8% at £7m. The company is anticipating continued growth with a revenue of circa £160m forecast in 2024/2025. 

The company continued to make strong progress against its priorities and long-term goals, designing and building high-quality sustainable buildings for the public sector, with a particular focus on defence, education, health and justice. This is reflected in its strong pipeline of over £300m, with 100% coming from long-term programmes of fully funded public sector schemes.

Most recently, Reds10 was named by the Defence Infrastructure Organisation (DIO) as one of six construction companies appointed to a new alliance to build Single Living Accommodation (SLA) for the Armed Forces.

Reds10 has continued to invest in its MMC manufacturing facility in Driffield, East Yorkshire, acquiring its fifth factory in 2024. Its factory floor space now totals 300,000 sq ft and the facility has the capacity to produce 4,000 units per year. By investing in its own workforce, the company is able to deliver sustainable and innovative buildings in modern manufacturing facilities which are then transported and assembled on site to the most exacting standards.