A family business headquartered in Gloucester –
involved in everything from construction to care homes – has revealed a dramatic increase in turnover from £19.5 million to £27 million.
Markey Group surprised itself with its achievements, having begun its financial year predicting a period of recovery from the impact of the Covid-19 pandemic. Instead, it saw its business surge forward.
The family-owned firm’s turnover rose by nearly 80 per cent in one of its sectors, which include construction, manufacturing (its Premiere Kitchens business), healthcare and property, with profit for the year of £1.1 million.
Paul Markey, group managing director of the Hardwicke-based business, said: ‘The results were better than had been predicted when targets were set for what was always planned as a recovery year and indicate the successful way in which all the operating companies managed the downturn and put in place plans to build back better.
‘The positive impact of the upturn in trading was experienced most strongly in the manufacturing business where revenues increased year on year by 78 per cent.
‘Alongside this the construction and building services businesses continued to perform well, maintaining levels of profitability in line with the prior year, and once again all of the student property was at full occupation; this business continues to make an important contribution to group profitability.’
The figures and comments come from the firm's annual report, released just before Christmas and covering the 12 months up to 31 March 2022.
Despite the challenging economic conditions, Markey said it has 'pipelines of opportunities' in-hand for its 2022/2023 year, although it expects construction activity generally to decline in the year ahead.
Its focus, it said, 'remained on those sectors likely to be less prone to contraction such as healthcare and social and supported housing, and this approach is enabling our plans for further growth'.
‘Workstreams in the building services business remain strong, driven by our client's plans for retail upgrades alongside increases to electric vehicle charging capacity,' said Markey.
New contracts, with housing associations and local authorities for its manufacturing business, put the business in a good position for its financial year 2022-2023 with new-build supply remaining an important market.
