We’re pleased to announce that our latest financial results have revealed a growth in revenue and pre-tax profit, despite challenging market conditions.
Our turnover has increased by 8%, with revenue growing from £47m in 2022 to £51m for the year ending October 2023. Gross profit also increased to £11.4m from £8.1m the year before.
Under the leadership of our managing director Matt Goff, who joined in 2018, we have experienced impressive year-on-year growth, doubling turnover in the past six years from £24m despite volatility in the construction sector, as the industry continues to rebound from the challenges posed by the COVID-19 pandemic with several high-profile competitors folding in the past year.
Our stronghold across multiple industry sectors and ability to capitalise on evolving market dynamics is a major factor in our success. As well as this, the focus on offering higher-end modular buildings which are typically more permanent, has enabled Thurston Group to gain market share in the education and health sectors as well as gain traction in new markets such as infrastructure, transport and commercial buildings.
With the UK construction sector set for growth following Labour’s changes to planning laws, we expect to see further growth, developing our product offering to key supply chains and increasing our partnerships with key targets.
Thurston Group managing director, Matt Goff, commented on the results, saying, “I’m happy to report another year of solid growth. Our continued success reflects our steadfast dedication to excellence, sustainability, and stakeholder value creation.
“As we embark on the next phase of our journey, we continue to invest in the development of our product and services offering, as well as in our staff, recognising that their skills and expertise are key to our success. We are driving continuous improvement through the modernisation of the business infrastructure and expanding our core product range through in-depth material testing and R&D. With a strong order book and increasing shift to modern methods of construction, motivated by a skills shortage and product performance targets, we are well-positioned for another record year and have an exciting pipeline of opportunities from both repeat and new customers,” he continued.
In addition to our financial achievements, Thurston is also celebrating the 25th work anniversary of six employees this year. Staff from across sites and departments will be celebrating the milestone in 2024, an achievement that is a testament to the longevity and stability of our organisation.
We’re also currently investing in a comprehensive brand overhaul, which will include the renaming of our three group divisions to better showcase the variety of products and services Thurston provides, as well as a revamped website that enhances our brand identity and market presence.