Infrastructure specialist Clancy has announced record annual results, as the family-run firm sees rising demand across water, energy and major civil engineering projects.

For the 2023-24 financial year the company achieved £378.5m turnover and £20.9m pre-tax profits – a 13% and 54.8% increase respectively on the prior 12 months.

It is the sixth consecutive period of growth for the firm, which employs 3,000 staff. Clancy says it has been rewarded for its investment in people, plant and systems.

With a secured order book of £1.5bn, the company has been buoyed by new strategic wins that align with regulatory cycles in water and energy as these industries prepare for a period of significant investment.

Clancy has secured appointments ahead of the AMP8 water regulatory period, which begins in April 2025, including capital frameworks with Southern Water and South West Water.

Key energy successes have included the appointment by Scottish and Southern Energy Networks to support grid expansion and shift to decarbonisation in the ED2 control period, as well as ongoing capital project delivery for UK Power Networks in London and the South East.

Through the 2023-24 year the company also continued to support the confirmed phases of HS2 in areas including bridge foundations, earthworks and track drainage.

Strong profitability and a robust cash position – with cash and equivalents at £34.2m at year end – enabled the company to reinvest £11.2m in new plant and technology to improve productivity and provide efficient solutions to clients, including rolling out a new works management system Depotnet.

This strategy has also included prioritising sustainable fuel alternatives through the use of solar power and hydrogenated vegetable oil (HVO) fuel, with a commitment to expand this across Clancy’s entire HGV fleet.

The business’ emphasis on direct employment and skills development saw more than 83,000 hours of training – an average of five days per employee – delivered through the Clancy Academy.

It became one of the first employers to be awarded government funding to deliver a Skills for Life Bootcamp and support the sector’s labour drive.

Matt Cannon, chief executive, said: “The past year has seen us expand our client base and increase the scale and breadth of our work, especially in capital projects which now account for an ever-greater portion of our revenue.

“With rising scrutiny over the challenges facing infrastructure sectors, we are fulfilling a need for stable, long-term partnership that our family-run model supports.

“A focus on brilliant delivery and smart investments in people, plant and tools are key to our success. Our prioritisation of direct employment ensures we bring consistency in quality and safety, together with the best available expertise.

“With a secure pipeline through 2025 and in the second half of the decade, we are well placed to invest further in the systems and skills we need: accelerating the connections and upgrades across infrastructure to support growth, increase environmental protection, and accelerate the green transition.”