"Extensive" public sector work has helped offsite specialist firm Reds10 see its third consecutive year of growth in both revenue and profit.
Reds10's revenue for the year to 31 March 2023 rose by 32 per cent to reach £83.8m, more than doubling since 2020/21, when it was £37m.
The company's pre-tax profit rose by 17 per cent to £5.6m, having been £1.3m in 2020/21.
The privately owned firm, which is headquartered in London, said it had an "extensive pipeline of government work".
It has begun £60m of construction work on separate projects for the Ministry of Justice, the Department for Education and the Ministry of Defence.
In addition, the company has places on frameworks such as the Crown Commercial Service's Offsite Construction Solutions, and London Housing Consortium's new Modern Methods of Construction of New Homes framework.
The firm's current work for the military includes a £13m project to improve living spaces for soldiers at Imjin Barracks in Gloucestershire, due for completion this summer. It is also building low carbon course accommodation blocks for the Defence School of Transport in East Yorkshire.
Reds10 also grew its workforce, with 276 employees at the year-end representing a 69 per cent annual increase. It also expanded its manufacturing facility in East Yorkshire, where it increased production capacity by 25 per cent.
Chief executive Matt Bennion said: "Our strong secured pipeline of work is testament to Reds10's focus on innovating products that are tailored to meeting customers' needs, our unique platform approach, vertically integrated delivery, an ongoing commitment to product innovation and in-house design capabilities."
He added: "Our mission is to change the way spaces are designed, built, financed and operated, proving that MMC can deliver better, faster and more sustainably compared to traditional methods."
Reds10 has been shortlisted in the specialist contractor of the year category at the CN Specialists Awards 2023.
Original source: Modular firm's revenue doubles over three years | Constructor Mag
