Hull engineer Spencer doubles profit

Hull-based engineering business C Spencer Ltd said revenue and profit rose for the full year, as the construction market starts to recover.

The company, which provides engineering and construction services in the rail, bridges, industrial, infrastructure and energy sectors, said revenue rose £3.9 million to £61.4 million for the 12 months to 31 March, while pre-tax profit doubled to £3 million, up from £1.5 million the previous year.

During the latest business year, the company said it completed a series of flagship schemes, including a temporary walkway on the listed Connel Bridge near Oban in the Scottish Highlands and the complete refurbishment and rebuild of the historic Union Chain Bridge, which crosses the border between England and Scotland.

Contracts currently being worked on include a £36 million project to enhance Tyseley rail maintenance depot in Birmingham, on behalf of West Midlands Trains and Network Rail. The company is also working on an international project to create a bespoke access system to inspect cables on the new Pattullo Bridge in British Columbia, Canada.

Charlie Spencer, Executive Chairman, said: “There was considerable economic uncertainty during the year, which had a negative impact on investment decisions. Against this backdrop, we continued to secure a healthy pipeline of new work, from both existing and new clients, while delivering projects to an exceptionally high standard.”

“More recently we have seen activity start to recover, which is improving confidence in the construction and engineering markets and bodes well for our business going forward.”