CLARK Contracts has reported a rise in turnover from £72 million to £78 million in its latest accounts.
The Paisley-based contractor attributed the result to ‘significant growth’ in its private sector work, which accounted for 70% of the firm’s business during the 2018 financial year.
MD Gordon Cunningham said, “Our strategy over the last few years has included diversification into the hotel and retail sectors and this has continued in 2019 as we have developed into the residential sector.
“We are not driven by short term shareholders seeking dividends, which allows us to continue to make long term investments in the business and provides greater financial stability.
“We see it as a natural progression for the company to deliver larger value and more complex projects and this has occurred organically over the years. The same goes for the increase in geographical spread, with projects currently on site at the top of the country for the Scottish Courts and Tribunal Service in Peterhead and south of the country in Southampton with the delivery of one of three Moxy Hotels. In addition to the increase in project size, we continue to grow our Small Works Division which has an annual turnover of £15 million.”
Clark Contracts revealed that ‘careful consideration’ of finances is mirrored in its relationship with suppliers and subcontractors, with over 96% of invoices paid within 60-days, exceeding the 95% target stipulated in the Prompt Payment Code.