FM Conway has reported increased turnover and profit, days after announcing its sale to Vinci.
The Kent-headquartered highways specialist recorded an 8 per cent increase in turnover to £579.8m for the year ending 31 March 2024, while its pre-tax profit almost doubled to £29.4m.
In a strategic report accompanying the accounts, chief financial officer Mark Goldsworthy said that the turnover boost was “largely driven from strong, repeatable, organic growth” as well as the company’s acquisition of 164-person drainage specialist Flowline.
Goldsworthy added that profit jumped as the impact of inflation eased. The company had been mitigating rising prices through “additional activity, increased sales prices and active cost management through substitute materials”.
FM Conway employed an average of 2,254 people during the year, an increase of 170 from its previous financial year, with its highest-paid director receiving total remuneration of £1.8m.
Last week FM Conway announced it will be sold to Vinci Construction for an undisclosed sum after signing a share purchase agreement. FM Conway has not said whether its current chief executive and executive group chair Joanne Conway will remain at the company.
FM Conway said company highlights in its past financial year included delivering a carbon-neutral resurfacing scheme in Westminster “using 92 per cent recycled materials in a new road surface, the highest percentage ever used on a UK road”.
It also revealed it offered self-defence classes for women as part of its efforts to double the proportion of its workload who are women from 15 to 30 per cent; while its sustainability initiatives included supporting the expansion of British black bee colonies.
