Profits rise as engineering group Spencer focuses on complex projects

In the year to March 31 2020, the Hull-based business increased turnover by £9m, from £54m the previous year to £63m.

Pre-tax profits also grew to £2.2m, from £1.8m the previous year.

The group also reported a strike rate of almost 50 per cent of tenders won and entered the current financial year with secured work with a value of £55m.

The year saw Spencer Group build on its expertise and industry leadership in fields such as rail infrastructure, depot maintenance and improvements, and complex bridge renovations.

Highlights included a major rail capacity enhancement project at Stevenage Station in Hertfordshire.

It was also appointed during the year to carry out a long-term maintenance programme on Scotland’s Erskine Bridge.

More recently, Spencer Group began work to refurbish and rebuild the 200-year-old Union Chain Bridge linking England and Scotland.

Executive chairman Charlie Spencer OBE said: “These encouraging results reflect our focus on our core strength of delivering challenging engineering projects.

He added: “We have a strong order book going forward and we are confident of exciting future opportunities, particularly in rail infrastructure and maintenance facilities and the repair, refurbishment and maintenance of bridges, two fields in which we are acknowledged industry leaders.

“The Covid-19 pandemic has presented challenges to every business but we remain in robust financial health and move forward from a position of strength.”