Carey has completed a decisive turnaround with a third consecutive year of recovery, reporting stronger margins, rising profits and a growing cash buffer as it continues to prioritise disciplined contract selection over topline expansion.
The civils and construction group posted a pre-tax profit of £11.1m for the year to 30 September 2025, marking a 50% increase on the previous year. The improved profitability was achieved despite a 22% reduction in turnover, which fell to £303m as the business maintained a firm stance on bidding discipline and avoided pursuing revenue at the expense of return.
That approach translated into a significant uplift in operating performance. Operating profit climbed 40% to £10.6m, while operating margin increased to 3.5%, up from 1.9% year on year. The results indicate that the group’s strategic focus on quality of earnings rather than volume is gaining traction.
Balance sheet metrics also strengthened. Cash reserves increased by nearly a third to £44m, while net cash rose 38% to £33.6m. Net assets remained steady at £85m, reinforcing the solidity of the group’s financial position and providing additional resilience in a market that remains commercially challenging.
The latest figures mark a substantial shift from 2022, when Carey reported a £43m pre-tax loss. A strategic reset implemented in the subsequent financial year restored profitability, with margin improvement accelerating over the past two reporting periods. The company has focused on tightening risk controls, refining its sector exposure and reinforcing governance around contract take-on.
Chief executive Jason Carey said: “While turnover has dropped in this past financial year, we’ve continued our focus and discipline surrounding contract take on.
“Our EBITDA has remained consistent, allowing us to maintain the healthy financial position we targeted in year one of our strategy.”
The group’s forward visibility also appears robust. Carey has secured 72% of its FY26 order book, providing a strong foundation heading into the new financial year. The business has also recently secured some of the largest contracts in its history, further underpinning revenue certainty while maintaining the selective approach that has driven the margin recovery.
