Carey Group has completed a decisive turnaround with a third straight year of recovery delivering stronger margins, rising profits and a growing cash buffer.

The civils and construction group has posted pre-tax profit of £11.1m for the year to 30 September 2025 up 50% on last year.

Turnover fell 22% to £303m as the firm stuck to strict contract selection and refused to chase revenue at the expense of return.

The strategy saw operating profit climb 40% to £10.6m pushing operating margin up to 3.5% from 1.9% year on year.

Cash in the bank jumped nearly a third to £44m, while net cash strengthened 38% to £33.6m. Net assets held firm at £85m, underlining the strength of the balance sheet.

The results complete a sharp shift from 2022, when Carey fell to a £43m pre-tax loss.

A strategic reset restored profitability the following year and the margin rebuild has accelerated since.

Family member 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.”

With 72% of the group’s FY26 order book already secured and some of the biggest contracts in its history recently landed, the contractor enters the new financial year from a position of strength, he added.