Premier Modular announces strong performance in latest financial results
Premier Modular, one of the UK’s leading offsite construction specialists, has announced a strong financial performance with a 23 per cent increase in turnover to £65.3m and a 35 per cent rise in profit to £10.6m, according to its latest accounts which have just been released.
Premier’s financial performance is one of the strongest in the offsite sector and the business has grown year-on-year for both bespoke offsite construction solutions and temporary modular buildings for hire.
Premier has committed to invest £12m in its modular hire fleet – making it one of newest fleets in the sector. Operating cashflow has increased by nearly 400 per cent to £5.5m, providing a solid platform for growth.
Commenting on the results, David Harris, Managing Director of Premier Modular, said, “This strong financial performance is down to clarity of strategy and a really exceptional team across the business. We have focused on our customers and how we can offer a fast response and unrivalled flexibility to meet the specific requirements for each project. This has definitely added value to our building solutions and has resulted in a high level of repeat business.”
“We have a healthy balance sheet, an outstanding supply chain and will continue to invest in our capital growth. We have diversified into a range of market sectors which further reduces risk in an uncertain economic climate. In the past year, we have achieved significant growth with our modular apartments and in particular in the development of rapid building solutions to provide housing for the homeless. We are also building on the success of our hire business in London to supply construction site accommodation to major national and regional contractors across the UK.”
“Despite the challenging economic conditions, we remain on target with our ambitious growth strategy. We will continue to reinvest and expand our hire fleet to ensure the fastest possible response for our customers. This includes growing our range of products to further increase market share.”
“We continue to receive a healthy level of enquiries in every sector – from healthcare and education to commercial, infrastructure and construction. Our project pipeline for both bespoke offsite construction and temporary modular buildings is very positive with a number of major contracts already in place for delivery in 2021.”
Current projects include a £9m offsite housing project in High Wycombe for Buckinghamshire Council to build apartments for homeless families and a £1.7m fast-track ward building at North Middlesex University Hospital.
Premier has expanded its workforce with an additional 85 people since March 2020, which includes a number of apprentices. Work continued on all but two Premier sites throughout the pandemic last year, which illustrates very well how offsite manufacturing can give construction clients and contractors much greater certainty of delivery on programme and on budget.