CN100 2024: Turnover up, profit down as inflation bites


The latest CN100 index of the UK’s top contractors reveals a complex financial picture, with inflation pushing turnover up and profit down.

The 2024 CN100 – Construction News’ annual sector temperature check – ranks firms by turnover posted in annual results reported in the year to 16 August. You can check where your firm ranks this year below.

While aggregate revenue across the top 100 firms  increased by 7 per cent compared with last year, pre-tax profit plummeted by 35 per cent, revealing the strain placed on the sector by high inflation and rising interest rates.

Contractors experienced mixed fortunes, with some thriving in high-growth areas like data centres and cloud computing.

However, commercial real estate activity has slowed considerably, with some firms struggling to adapt to inflation and rising costs.

David Hayhow, head of Lockton’s global construction practice, said: “Firms that managed to broaden their margins typically had a strong presence in sectors less affected by volatility, such as infrastructure or public sector work.”


CN Premium subscribers can view and manipulate this year’s CN100 data with new metrics – and compare selected company performance across the past seven years at our newly-revamped CN Intelligence data hub. Next week, CN Premium subscribers and Basic Subscribers will get exclusive access to a 3,000-word written analysis of the 2024 CN100 data.


Profit margins narrowed, with the average falling from 2.7 to 2.1 per cent, due in part to fixed-price contracts that were unable to absorb the significant rise in materials costs.

Materials inflation, which hit a peak of 19 per cent in 2022, has left a lingering impact.

Firms such as Laing O’Rourke and Bouygues reported significant losses despite higher revenue, reflecting the wider disconnect between rising turnover and profitability.

However, as inflation pressures ease in 2024, the sector remains optimistic about growth, the CN100 shows.

Headcount in the CN100 firms increased by more than 11,000 employees over the past year, reflecting confidence in future growth.

Contractors are investing heavily in future projects, particularly in areas aligned with the UK’s net-zero ambitions, according to analysts.

However, the shift to sustainable practices comes with its own financial challenges as companies must balance rising costs with the need to invest in eco-friendly technologies, commentators said.
CN100 2024 graph 1

View and manipulate more 2024 CN100 data at the CN Intelligence hub


CN 100 data tables

CN100 2024 TURNOVER
Current rank Previous rank Contractor Turnover
(£m) LATEST
Turnover
(£m) PREVIOUS
Accounting
period end date
1 1 Balfour Beatty 7,993.00 7,629.00 31/12/2023
2 2 Morgan Sindall 4,117.70 3,612.20 31/12/2023
3 3 Kier 3,380.70 3,143.90 30/06/2023
4 4 Laing O’Rourke 3,374.30 2,965.50 31/03/2023
5 9 Mace 2,356.79 1,892.58 31/12/2023
6 6 ISG1 2,185.10 2,263.70 31/12/2022
7 10 Wates 2,101.87 1,786.90 31/12/2023
8 18 Vinci2 1,980.25 1,798.36 31/12/2022
9 7 Royal Bam 1,966.07 2,050.77 31/12/2023
10 9 M Group3 1,864.60 1,545.30 31/03/2023
11 5 Amey4 1,836.19 2,224.20 31/12/2023
12 22 Bouygues UK4 1,470.60 1,527.55 31/12/2023
13 14 VolkerWessels UK 1,433.00 1,348.77 31/12/2023
14 11 Murphy Group 1,420.97 1,490.78 31/12/2023
15 15 Galliford Try 1,393.70 1,237.20 30/06/2023
16 12 Costain 1,332.00 1,421.40 31/12/2023
17 13 Skanska UK5 1,328.59 1,375.98 31/12/2023
18 20 Bowmer & Kirkland 1,242.39 1,146.46 31/08/2023
19 19 Willmott Dixon6 1,172.09 1,147.25 31/12/2023
20 28 Hill Holdings7 1,145.86 636.46 31/03/2024
21 21 Graham 1,124.65 1,093.70 31/03/2024
22 17 Sir Robert McAlpine 1,066.36 1,184.73 31/10/2023
23 27 McLaren 964.22 751.65 31/07/2023
24 16 Winvic 958.78 1,217.42 31/01/2024
25 24 Renew 921.55 816.28 30/09/2023
26 33 Dalkia 866.93 561.92 31/12/2022
27 26 JRL Group1 761.29 609.98 31/12/2022
28 25 McLaughlin & Harvey 736.56 799.59 30/06/2023
29 36 Keltbray 688.98 527.86 31/10/2023
30 32 Multiplex 675.40 561.93 31/12/2023
31 30 Robertson 670.86 615.58 30/06/2023
32 31 Colas 609.91 568.83 30/12/2022
33 37 NG Bailey4 600.10 531.60 01/03/2024
34 40 Caddick Group 575.02 491.58 31/08/2023
35 42 Northstone (NI) 539.97 472.02 31/12/2022
36 38 Ferrovial Construction UK8 536.55 493.20 31/12/2023
37 41 FM Conway 535.29 478.10 31/03/2023
38 61 United Living Group 534.18 436.52 31/03/2023
39 34 Lendlease 511.20 564.36 30/06/2023
40 43 Tilbury Douglas 492.82 391.99 31/12/2023
41 45 TClarke 491.00 426.00 31/12/2023
42 39 Severfield 463.50 491.80 30/03/2024
43 NEW OCU Group9 454.50 295.15 30/04/2023
44 50 McAleer & Rushe 436.38 404.35 31/12/2023
45 35 TSL 436.08 552.21 31/12/2023
46 62 Kajima Europe 429.40 263.78 31/12/2022
47 57 HG Construction 424.32 335.67 31/12/2022
48 47 MV Kelly 420.06 407.47 31/05/2023
49 48 Watkin Jones 413.20 407.08 30/09/2023
50 49 M&J Evans Construction1 405.78 250.64 31/12/2022
51 44 Ardmore 403.10 435.10 30/09/2023
52 51 Carey Group 402.45 366.37 30/09/2023
53 46 Glencar 400.55 417.75 30/09/2023
54 NEW Portakabin10 393.36 355.95 31/12/2022
55 63 JN Bentley 388.34 263.47 31/12/2023
56 53 John Sisk & Son1 350.70 382.89 31/12/2022
57 58 Clancy 334.50 292.99 03/04/2023
58 70 Altrad 334.07 219.48 31/08/2023
59 52 GMI 328.43 360.25 30/09/2023
60 54 OHOB 312.07 348.27 31/03/2024
61 59 Alun Griffiths 301.01 279.87 31/12/2022
62 NEW Advance Construction 297.87 263.23 31/03/2023
63 65 Esh4 292.51 260.89 31/12/2023
64 71 Gilbert Ash 263.22 219.29 31/12/2022
65 60 Enerveo 256.70 278.90 31/03/2023
66 95 Gratte Brothers 250.15 124.63 31/03/2023
67 64 RG Carter 248.50 321.98 31/12/2023
68 66 William Hare 248.32 239.51 31/12/2022
69 69 CCG (Scotland) 243.32 225.67 31/03/2023
70 NEW MWH11 233.71 235.43 03/04/2023
71 79 Forth Holdings 233.51 192.41 31/08/2023
72 83 Renaker Build 229.15 176.68 31/10/2023
73 87 SDC 229.07 167.12 30/09/2023
74 75 Erith 227.05 208.29 30/09/2023
75 82 Story 226.76 177.36 31/03/2023
76 NEW Vital Energi 224.44 209.04 30/06/2023
77 92 RGCM 223.41 156.67 31/12/2022
78 76 Morrisroe Group 218.86 203.86 31/10/2023
79 NEW J Coffey 215.74 171.08 30/09/2023
80 NEW Octavius 215.45 191.23 31/03/2023
81 68 Briggs & Forrester 212.48 229.25 31/10/2023
82 85 Dodd Group 206.74 167.48 31/03/2023
83 81 Tide Construction 197.20 177.53 31/08/2023
84 78 Mulalley & Company1 193.30 175.87 31/03/2023
85 72 RJ McLeod12 192.16 210.27 31/10/2023
86 94 Byrne Group 191.31 152.74 30/06/2023
87 99 Novus 188.68 144.98 31/12/2022
88 80 Lindum 186.22 185.13 30/11/2023
89 88 EW Beard 179.94 165.52 31/12/2023
90 NEW Bechtel 175.19 113.47 31/12/2022
91 NEW Durkan Holdings 171.72 132.00 30/11/2023
92 84 Mount Anvil1 170.85 135.01 31/12/2022
93 NEW Cityside Electrical 170.38 161.81 30/09/2023
94 90 Eric Wright Group 168.03 163.85 31/12/2022
95 67 Cruden Holdings 167.51 230.96 31/03/2023
96 NEW ESG 167.34 114.63 31/12/2023
97 NEW Clegg 165.58 105.63 31/12/2022
98 NEW Babcock Rail4 165.45 145.85 31/03/2023
99 91 One Group Construction 164.51 160.44 31/12/2022
100 74 Seddon 160.68 153.86 31/03/2023

 

CN100 2024 PROFIT AND MARGIN
Turnover rank Contractor Pre-tax profit (£m) LATEST Pre-tax profit (£m) PREVIOUS Pre-tax margin (%) LATEST Pre-tax margin (%) PREVIOUS Accounting
period end date
1 Balfour Beatty 244.00 287.00 3.1 3.8 31/12/2023
2 Morgan Sindall 143.90 85.30 3.5 2.4 31/12/2023
3 Kier 51.90 15.90 1.5 0.5 30/06/2023
4 Laing O’Rourke -288.10 2.70 -8.5 0.1 31/03/2023
5 Mace 61.67 36.46 2.6 1.9 31/12/2023
6 ISG1 11.50 18.50 0.5 0.8 31/12/2022
7 Wates 44.93 31.53 2.1 1.8 31/12/2023
8 Vinci2 -6.67 50.49 -0.3 2.8 31/12/2022
9 Royal Bam -19.79 40.79 -1.0 2.0 31/12/2023
10 M Group3 -79.30 -30.40 -4.3 -2.0 31/03/2023
11 Amey4 96.99 86.42 5.3 3.9 31/12/2023
12 Bouygues UK4 -182.59 -31.74 -12.4 -2.1 31/12/2023
13 VolkerWessels UK 38.60 37.72 2.7 2.8 31/12/2023
14 Murphy Group 66.84 44.58 4.7 3.0 31/12/2023
15 Galliford Try 10.10 5.40 0.7 0.4 30/06/2023
16 Costain 30.90 32.80 2.3 2.3 31/12/2023
17 Skanska UK5 27.34 24.52 2.1 1.8 31/12/2023
18 Bowmer & Kirkland 53.35 63.13 4.3 5.5 31/08/2023
19 Willmott Dixon6 -14.35 -8.74 -1.2 -0.8 31/12/2023
20 Hill Holdings7 70.06 65.63 6.1 10.3 31/03/2024
21 Graham 14.77 15.11 1.3 1.4 31/03/2024
22 Sir Robert McAlpine -102.62 4.76 -9.6 0.4 31/10/2023
23 McLaren 6.37 2.04 0.7 0.3 31/07/2023
24 Winvic 18.92 10.50 2.0 0.9 31/01/2024
25 Renew 62.75 49.46 6.8 6.1 30/09/2023
26 Dalkia 13.11 3.29 1.5 0.6 31/12/2022
27 JRL Group1 13.29 26.81 1.7 4.4 31/12/2022
28 McLaughlin & Harvey -8.60 3.17 -1.2 0.4 30/06/2023
29 Keltbray -1.19 3.24 -0.2 0.6 31/10/2023
30 Multiplex 31.05 11.07 4.6 2.0 31/12/2023
31 Robertson 16.35 20.51 2.4 3.3 30/06/2023
32 Colas 13.11 30.24 2.1 5.3 30/12/2022
33 NG Bailey4 10.70 -25.00 1.8 -4.7 01/03/2024
34 Caddick Group 35.46 57.99 6.2 11.8 31/08/2023
35 Northstone (NI) 7.18 7.12 1.3 1.5 31/12/2022
36 Ferrovial Construction UK8 5.50 -30.38 1.0 -6.2 31/12/2023
37 FM Conway 15.49 17.18 2.9 3.6 31/03/2023
38 United Living Group -3.93 -20.90 -0.7 -4.8 31/03/2023
39 Lendlease 4.00 22.60 0.8 4.0 30/06/2023
40 Tilbury Douglas 2.83 -96.32 0.6 -24.6 31/12/2023
41 TClarke 7.60 10.30 1.5 2.4 31/12/2023
42 Severfield 23.00 27.10 5.0 5.5 30/03/2024
43 OCU Group9 7.73 40.55 1.7 13.7 30/04/2023
44 McAleer & Rushe 10.97 12.09 2.5 3.0 31/12/2023
45 TSL 14.33 9.72 3.3 1.8 31/12/2023
46 Kajima Europe 55.05 68.32 12.8 25.9 31/12/2022
47 HG Construction 6.42 15.29 1.5 4.6 31/12/2022
48 MV Kelly 40.68 31.24 9.7 7.7 31/05/2023
49 Watkin Jones -42.50 18.40 -10.3 4.5 30/09/2023
50 M&J Evans Construction1 23.40 17.60 5.8 7.0 31/12/2022
51 Ardmore -10.75 6.55 -2.7 1.5 30/09/2023
52 Carey Group 0.66 42.43 0.2 11.6 30/09/2023
53 Glencar 3.41 0.80 0.9 0.2 30/09/2023
54 Portakabin10 86.55 85.86 22.0 24.1 31/12/2022
55 JN Bentley 13.55 6.39 3.5 2.4 31/12/2023
56 John Sisk & Son1 -2.56 8.43 -0.7 2.2 31/12/2022
57 Clancy 13.50 10.63 4.0 3.6 03/04/2023
58 Altrad 27.44 22.79 8.2 10.4 31/08/2023
59 GMI 0.97 -2.25 0.3 -0.6 30/09/2023
60 OHOB 21.06 20.34 6.7 5.8 31/03/2024
61 Alun Griffiths -20.00 -38.07 -6.6 -13.6 31/12/2022
62 Advance Construction 23.95 17.43 8.0 6.6 31/03/2023
63 Esh4 0.60 -0.43 0.2 -0.2 31/12/2023
64 Gilbert Ash 4.47 12.41 1.7 5.7 31/12/2022
65 Enerveo -10.20 -26.80 -4.0 -9.6 31/03/2023
66 Gratte Brothers 1.97 1.56 0.8 1.3 31/03/2023
67 RG Carter 12.75 7.06 5.1 2.2 31/12/2023
68 William Hare -0.85 -2.22 -0.3 -0.9 31/12/2022
69 CCG (Scotland) 17.08 18.00 7.0 8.0 31/03/2023
70 MWH11 3.59 1.86 1.5 0.8 03/04/2023
71 Forth Holdings 13.57 13.50 5.8 7.0 31/08/2023
72 Renaker Build 4.96 5.95 2.2 3.4 31/10/2023
73 SDC 2.96 1.77 1.3 1.1 30/09/2023
74 Erith 5.12 -13.77 2.3 -6.6 30/09/2023
75 Story 2.67 8.97 1.2 5.1 31/03/2023
76 Vital Energi 4.84 5.52 2.2 2.6 30/06/2023
77 RGCM 1.28 0.86 0.6 0.5 31/12/2022
78 Morrisroe Group -1.32 -6.86 -0.6 -3.4 31/10/2023
79 J Coffey 6.45 4.60 3.0 2.7 30/09/2023
80 Octavius 3.86 5.86 1.8 3.1 31/03/2023
81 Briggs & Forrester 2.68 1.63 1.3 0.7 31/10/2023
82 Dodd Group 3.54 2.49 1.7 1.5 31/03/2023
83 Tide Construction 7.11 11.10 3.6 6.3 31/08/2023
84 Mulalley & Company1 3.07 -3.30 1.6 -1.9 31/03/2023
85 RJ McLeod12 26.81 18.60 14.0 8.8 31/10/2023
86 Byrne Group 6.78 6.39 3.5 4.2 30/06/2023
87 Novus 3.40 3.04 1.6 2.1 31/12/2022
88 Lindum 8.11 7.84 4.4 4.2 30/11/2023
89 EW Beard 3.94 3.30 2.2 2.0 31/12/2023
90 Bechtel 1.90 5.77 1.1 5.1 31/12/2022
91 Durkan Holdings -3.89 -9.34 -2.3 -7.1 30/11/2023
92 Mount Anvil1 6.29 3.96 3.7 2.9 31/12/2022
93 Cityside Electrical 5.96 7.57 3.5 4.7 30/09/2023
94 Eric Wright Group 4.91 13.20 2.9 8.1 31/12/2022
95 Cruden Holdings -11.71 4.94 -7.0 2.1 31/03/2023
96 ESG 3.86 1.26 2.3 1.1 31/12/2023
97 Clegg 1.35 1.55 0.8 1.5 31/12/2022
98 Babcock Rail4 8.62 -0.77 5.2 -0.5 31/03/2023
99 One Group Construction 7.09 6.99 4.3 4.4 31/12/2022
100 Seddon 1.60 -13.00 1.0 -8.4 31/03/2023

 

CN100 2024 NET CASH TOP 20
Net cash rank Contractor Net cash
(£m) LATEST
Net cash
(£m) PREVIOUS
Accounting
period end date
1 Balfour Beatty 474.00 573.00 31/12/2023
2 Morgan Sindall 460.70 354.60 31/12/2023
3 Bowmer & Kirkland 458.78 500.61 31/08/2023
4 Vinci2 430.74 345.73 31/12/2022
5 Murphy Group 332.09 275.53 31/12/2023
6 Skanska UK5 271.67 355.57 31/12/2023
7 Bouygues UK4 266.33 255.35 31/12/2023
8 Galliford Try 220.20 218.90 30/06/2023
9 Royal Bam 190.07 183.85 31/12/2023
10 Ferrovial Construction UK8 188.67 212.45 31/12/2023
11 Laing O’Rourke 187.30 226.30 31/03/2023
12 Costain 164.40 123.80 31/12/2023
13 VolkerWessels UK 148.10 146.98 31/12/2023
14 Graham 147.99 173.92 31/03/2024
15 Wates 138.00 152.89 31/12/2023
16 Mace 125.81 73.34 31/12/2023
17 Willmott Dixon6 115.08 114.53 31/12/2023
18 McLaughlin & Harvey 113.73 85.63 30/06/2023
19 ISG1 104.70 119.90 31/12/2022
20 Lendlease 95.14 72.10 30/06/2023

Financial data for the CN100 was gathered via official accounts filed with Companies House and stock market announcements issued before 16 August 2024. Figures cover turnover excluding JVs.
1 ISG, JRL Group, M&J Evans, John Sisk & Son, Mulalley & Company, Mount Anvil: No new accounts filed during CN100 data collection period | 2 Vinci: INCLUDES EUROVIA SUBSIDIARY | 3 M Group: Being acquired by private equity firm CVC. No new accounts filed during CN100 data collection period | 4 Amey, Bouygues UK, NG Bailey, Esh, Babcock Rail: Accounts updated twice | 5 Skanska UK: 2023 financial report included restated revenue and profit figures for 2022 | 6 Willmott Dixon: 2023 financial report included restated profit figure for 2022 | 7 Hill Holdings: Latest accounts cover 15-month period | 8 Ferrovial Construction UK: Formerly Ferrovial Agroman | 9 OCU Group: 2023 figures reflect acquisition by Triton Partners Aug 2022 | 10 Portakabin: Sold to Antin Infrastructure Partners in April 2024 | 11 MWH: Previous accounts cover 15-month period | 12 RJ McLeod: Acquired by OCU in June 2024



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