Slimmed-down Carey Group sees light ahead

For the year ended 30th September 2021, Carey Group made a pre-tax profit of £1.1m from revenue of £344m. Turnover was the lowest for several years due the winding down of non-core businesses. In 2017, by contrast, Carey Group turned over nearly £550m, and almost £500m in 2020.

In 2020 the board decided to focus on the civil engineering (Careys) and dry lining (BDL) businesses. Demolition and asbestos removal (TE Scudder) and house-building (Carey New Homes) have since been wound up. The Irish contracting business is in the process of being wound up – its live contracts still under construction are expect to complete by April this year.

Continuing operations delivered a profit before tax of £9.0m in fiscal 2021 for the group; the discontinued operations made a pre-tax loss of £7.9m.

Chief executive Jason Carey said: “Despite the challenging conditions, I am please to report  a strong order book of £666.8m for the upcoming financial year for the Carey Group.”

The bulk of this is on the books of PJ Carey (Contractors) Ltd, now branded as Careys, which entered 2022 with an order book of £577.8m.

Chief operating officer Tommy Carey said: “We have seen a significant increase in enquiries and opportunities in the residential, education, infrastructure and energy sector. We are now seeing solid movement of opportunities in London and converting into live projects. Our strategic pipeline currently includes over 70 projects and is in excess of £1.8bn.”

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