Our financial results are in for 2023…

We are pleased to announce record profits for the Meldrum Group, with turnover for the financial year ending December 31, 2023, increasing to £55 million and profits reaching £1.939 million. Our company, now in its 24th year, is thriving despite challenging economic and industry conditions.

2023 was a strong year for us. We started the year having already secured 57% of our annual target of £55 million, and as the year progressed, we converted further contracts. Our board was delighted to achieve this growth in turnover, particularly given the challenges the construction industry faced, such as skilled labour shortages across several disciplines, which continued to place inflationary demands on wages as companies competed for a smaller pool of available candidates. Despite these significant economic challenges, we demonstrated remarkable resilience and delivered another improved financial result for 2023.

Reflecting on our achievements, our CEO and Founder, Dave Meldrum, noted, “The Board monitors the challenges outlined above and those that still exist for the year/years ahead and will no doubt continue. However, given the results recorded over the last two financial years, the growth in both turnover and profitability forecasted for this current year and the relationships forged with many clients looking to place repeat business with ourselves; we believe we are well placed and equipped to look to the future with great confidence.”

Further to the successful completion of a £9.8 million project in the Cambridge area, we made the strategic decision to open a new office in Duxford. This office provides additional opportunities for us to carry out projects in the geographical region from the South East to the North of England. Our directors are delighted by the market’s reaction to the new office, and so far, the team based in Duxford has completed and handed over its first project to the client on time in Peterborough during Q1 of 2024. There is a strong pipeline of opportunities being explored with clients in this region for which the group is now well placed to support and deliver.

Dave Meldrum said “The opening of an office in Cambridge is a strategic move from the board. Knowing we can successfully deliver projects in the area and allows us to service those national clients who ask us to work out of the North East region. It gives the Meldrum Group greater support on our ability to deliver nationally. We have a strong set of results for 2023 and the board believes, that despite all the significant economic challenges the group has demonstrated its remarkable resilience and ability to deliver in challenging conditions.”

He continued, “as a Group we continue to look for opportunities for growth and to de-risk, opening a Cambridge office was a logical step for us, similarly we have also launched a new business; Meldrum Fire Engineering.

Meldrum Fire Engineering offers the services of fire stopping, fire door surveys and core drilling, not only adding further growth opportunities in turnover and margins, but also vertical integration of trades and skills to the current group’s portfolio. In addition, this further addresses any risk of potential quality issues by subcontracting out this discipline, as the new company gains to benefit from the extensive quality control processes which are at the core of the Meldrum groups delivery methodology.”

The Cambridge office is set to become a jewel in the Meldrum Group crown. We launched the Cambridge office earlier this year with a spectacular “Come Fly with Meldrum” event at the Duxford Imperial War Museum, situated near our new offices.

Our latest set of accounts is available on Companies House. The Meldrum Group currently employs more than 220 people, with offices in Teesside, Gateshead, and Cambridge, and have supported more than 180 apprentices and trainees in our 23-year history.