East London-based concrete specialist Kilnbridge saw turnover jump nearly a quarter to £120m last year as big HS2 jobs moved to peak construction.

The revenue growth in the year to June 2023 was also accompanied by improved operating margins at 5% helping to lift pre-tax profit by just over 60% to £6.4m.

The improved performance at the firm, which operates as an employee-owned firm, led to a second profit share to individual staff of £862 following the previous year’s distribution of £545.

This amounted to a total profit distribution of £310,000 last year in addition to other incentive and bonus schemes in place.

Kilnbridge works across infrastructure, commercial and residential sectors and presently delivers HS2 works on the Colne Valley Viaduct and Copthall Tunnel.

Dermot McDermott, who established East London-based Kilnbridge in 1992, said that the cancellation of Phase 2 of HS2 had put an immediate stop to tenders under development, although HS2 Phase 1 contracts would continue to support activity into 2025.

“While the cancellation of HS2 is disappointing, there remain significant opportunities in major national infrastructure and energy projects,” he said.

“Our sector continues to benefit from a planned and projected £700bn – £775bn of expected public and private investment over the next decade.

“The majority of this investment will be on transport, energy, utilities, and social infrastructure and are all areas where Kilnbridge has a strong track record and an established client base.”

He added: “We continue to target approximately 80% of revenues towards infrastructure and energy with the remainder delivering commercial projects such as complex structural alterations.

“While inflation stabilises we continue to maintain strong cost control measures and forward procurement planning to secure the best prices for materials and major plant investments.”

In addition to its London HQ, the firm now also has offices in Birmingham and Belfast as well as a manufacturing facility in Northampton, together employing 357 staff.