London — GKR Scaffolding has reported a sharp rise in profits as turnover surged by nearly £10m last year, signalling a strong recovery for the London-based specialist.
According to the CN, the company’s latest audited accounts show that the pre-tax profit for the year ending 31 October 2024 reached £9.8m — more than triple the £3.3m recorded the previous year.
Turnover climbed from £31.3m to £41.2m, widening its profit margin from 11% to 24%. The results mark a continued rebound for GKR, which saw profits slump to £1.2m in 2022 following the pandemic.
Directors said they were “satisfied” with the performance, highlighting stronger-than-expected sales despite forecasts of a downturn in UK construction output. The growth also came despite a 22% rise in distribution costs and higher outlays on HVO fuel and fleet upgrades to meet stricter road safety standards.
They credited “efficiency savings” for helping offset cost pressures and confirmed the business had increased its investment in system scaffolding during the year, though this is set to ease as the firm optimises its existing stock.
The company, which primarily works with tier-one contractors in London, ended the financial year with £6.1m in cash in the bank, up £1.5m from the previous year. GKR remains debt-free and paid out a £1.9m dividend.
With a “strong pipeline going into 2025,” directors said the business is targeting a further 5% growth in sales this year.
GKR’s recent work includes the £90m remodelling of an art deco landmark near Waterloo Bridge for McLaren, alongside high-profile projects such as Number 1 Court at Wimbledon for Sir Robert McAlpine and Damac Tower for Multiplex.
