Engineering business C Spencer Ltd has delivered a resilient trading performance in its latest published accounts in the face of difficult market conditions.
The company reported turnover of £52m and a pre-tax profit of £1.7m in the year ending 31st March 2023, despite the head winds of high inflation, rising interest rates, Brexit hangovers and the impact of the war in Ukraine.
Charlie Spencer, Founder and Executive Chairman of the Hull-based business, said: “The considerable economic uncertainty during the year depressed capital investment in the UK economy, stalling the progress of a number of schemes as clients carefully considered the impact of escalating raw commodity prices.
“Despite these challenges, we continued to deliver projects to an exceptionally high standard and secure a healthy pipeline of new work, much of it repeat business with our existing clients.
“The capability we have to both design and deliver engineering projects using in-house resources is a key differentiator and gives us a competitive advantage in the markets we serve. These skills also enable us to fully engage with our supply partners to drive full value for our clients.”
C Spencer Ltd trades under the Spencer Group brand and delivers solutions to complex engineering challenges for its blue-chip client base in the rail, bridges, industrial, infrastructure and energy markets.
During the 2022-23 business year, C Spencer Ltd completed a series of flagship projects, including a major upgrade of Manchester International Depot to transform it into a modern train servicing and stabling facility, and maintenance and repair projects on some of the UK’s most iconic bridges, including renovation of Union Chain Bridge on the English/Scottish border and the Grade I listed Menai Suspension Bridge in North Wales.
Prestigious contracts currently being delivered by C Spencer Ltd include construction of the £26.5m White Rose Rail Station in Leeds and a flagship international project to create a bespoke access system to inspect cables on the new Pattullo Bridge in British Columbia, Canada.
