Reds10 installs army accommodation at Imjin Barracks, near Gloucester, earlier this year
Growth has been attributed to “considerable investment in customer relationships and customer-focused product development”.
Reds10 (UK) Ltd generated revenue of £83.8m in the year to 31st March 2023, up from £63.4m the previous year, £37.0m in fiscal 2021 and £19.5m in 2020.
Profit after tax in the latest accounts was up by 17% to £5.6m (2022: £4.8m) on revenue of £83.8m (2022: £63.4m).
Secured revenue (orders and intents) at year-end amounted to £272m – with 100% coming from long-term programmes of work.
Employee numbers grew over the course of the latest financial year from 136 to 276.
Reds10 boasts an extensive pipeline of government work, having started £60m-worth of construction work during year on projects for the Ministry of Justice, the Department for Education and the Ministry of Defence. The company has also secured positions on frameworks for the Crown Commercial Service Offsite Solutions, MMC New Homes and NHS Shared Business Services.
Reds10 is owned by former Davis Langdon surveyor Paul Ruddick, who set up Reds10 in 2005. He stepped up from chief executive to chairman in 2021.
Chief executive now is Matt Bennion, who said: “This year has been another period of high performance and achievement as Reds10 continues its consecutive year-on-year growth trajectory, bucking the market trend despite wider challenges. Our strong secured pipeline of work is testament to Reds10’s focus on innovating products that are tailored to meeting customers’ needs, our unique platform approach, vertically integrated delivery, an ongoing commitment to product innovation and in-house design capabilities.
“We have continued to enhance our reputation in the industry as a Tier 1 contractor that consistently delivers innovative building solutions. Our mission is to change the way spaces are designed, built, financed and operated, proving that MMC can deliver better, faster and more sustainably compared to traditional methods.”
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