Clancy has announced record results for the 2023-24 financial year, as the family-run infrastructure specialist sees rising demand for its expertise across water, energy and major civil engineering projects.
The company achieved £378.5m turnover and £20.9m pre-tax profits in the last financial year – a 13 per cent and 54.8 per cent increase respectively on the prior twelve months.
Now in its 66th year, the 3,000-strong independent business is celebrating its sixth consecutive period of financial growth as it is rewarded for its investment in people, plant and systems. This has enabled the business to remain a trusted, reliable partner as pressure on infrastructure spending continues to grow.
With a secured order book of £1.5bn, the company has been buoyed by new strategic wins that align with regulatory cycles in water and energy as these industries prepare for a period of significant investment.
The company has secured strategic appointments ahead of the AMP8 water regulatory period, which begins in April 2025 with a strong emphasis on building resilience, managing water supply and increasing environmental protection in wastewater networks. These include capital frameworks with Southern Water and South West Water.
Key energy successes have included the appointment by Scottish and Southern Energy Networks to support grid expansion and shift to decarbonisation in the ED2 control period, as well as ongoing capital project delivery for UK Power Networks in London and the South East.
Through the 2023-24 year the company also continued to leverage its civil engineering expertise to support the confirmed phases of HS2 in areas including bridge foundations, earthworks and track drainage.
Strong profitability and a robust cash position – with cash and equivalents at £34.2m at year end – enabled the company to reinvest £11.2m in new plant and technology to improve productivity and provide efficient solutions to clients, including rolling out a new works management system Depotnet. This strategy has also included prioritising sustainable fuel alternatives through the use of solar power and hydrogenated vegetable oil (HVO) fuel, with a commitment to expand this across Clancy’s entire HGV fleet.
The business’ emphasis on direct employment and skills development saw over 83,000 hours of training – an average of five days per employee – delivered through the Clancy Academy. It became one of the first employers to be awarded government funding to deliver a Skills for Life Bootcamp and support the sector’s labour drive.
Through the Clancy Foundation, the company donated £100,000 to over 40 organisations with local and national causes and focuses. It also has been matching charitable fundraising efforts from across the business to ensure that issues that mean the most to employees are supported.
Matt Cannon, chief executive, said:
“The past year has seen us expand our client base and increase the scale and breadth of our work, especially in capital projects which now account for an ever-greater portion of our revenue. With rising scrutiny over the challenges facing infrastructure sectors, we are fulfilling a need for stable, long-term partnership that our family-run model supports.
“A focus on brilliant delivery and smart investments in people, plant and tools are key to our success. Our prioritisation of direct employment ensures we bring consistency in quality and safety, together with the best available expertise.
“With a secure pipeline through 2025 and in the second half of the decade, we are well placed to invest further in the systems and skills we need: accelerating the connections and upgrades across infrastructure to support growth, increase environmental protection, and accelerate the green transition.”
Kevin Clancy, chairman, commented:
“It has given me great pride to watch our family-run business continue to go from strength to strength as we celebrate one of the best years in the business’ 66-year history, and mark six years of continued growth.
“These excellent results reflect our objectives to be a trusted partner for clients and will further enable us to help boost their efficiency and manage costs, while supporting their environmental goals.
“Going forward, we are committed to continuing our investment in people and making sure our 3,000-strong Clancy family is set up for the future. This will be the key to future success as we help usher in the next generation of infrastructure projects.”
