Over the past four years, Reds10 has grown turnover almost fourfould. It now expects to grow fourfold again in just the next two years.
In the year to 31st March 2024, Reds10 generated revenue of £142.5m, up from £83.8m in 2023; £63.4m in 2022 and just £37m in 2021.
It is anticipating continued growth, reaching approximately £160m revenue in the current financial year (FY 2025) and it is targeting £600m by 2027.
Profits have also been keeping pace with revenue growth. Profit before tax in the year to March 2024 was £7.0m (2023: £5.2m, 2022: £4.8m, 2021: £1.3m).
The company also boasts a strong balance sheet, a £300m secured pipeline and remains debt free.
Reds10 was recently named by the Defence Infrastructure Organisation (DIO) as one of six companies appointed to a new alliance to build single living accommodation (SLA) for the Armed Forces. [See previous report here.]
Reds10 has continued to invest in its MMC manufacturing facility in Driffield, East Yorkshire, acquiring its fifth factory in 2024. Its factory floor space now totals 300,000 sq ft and the facility has the capacity to produce 4,000 units a year.
Chairman and owner Paul Ruddick, who started Reds10 in 1995 after eight years as a quantity surveyor with Davis Langdon, said: “Our latest financial results reflect Reds10’s consistently strong performance despite the challenges of the industry and the wider economy. Our strong pipeline reflects our unwavering ambition to increase productivity, quality and sustainability so that we can continue to deliver exceptional value to our clients.
“We are continuing to invest in advanced manufacturing technologies and techniques as part of our mission to lead the way in industrialised delivery, revolutionising the way buildings are constructed. By reducing labour while maintaining quality, we continue to showcase MMC as an efficient and innovative alternative to traditional methods of construction, well-equipped to fulfil demand.”
