CONSTRUCTION
Celebrating - Tees Valley mayor Ben Houchen ( right ) with , from left : K2 Construction Management ’ s project director Glenn Forbes , Meldrum Group ’ s business development director Tracy Cuthbertson and Teesworks development director Matt Johnson .
Record-breakers !
Contractor Meldrum Group has announced record profits as the company continues to thrive in challenging economic and construction industry conditions .
Meldrum , which opened its Teesside office in 2021 , saw turnover for the financial year ending December 31 , 2023 increase to £ 55m with profits of £ 1.939m . Last year was a strong 12 months for Meldrum Group , with the business starting 2023 having already secured 57 per cent of its annual target of £ 55m .
The board were delighted to have achieved further growth in turnover , particularly given the challenges the construction industry faced in the year , with skilled labour shortages continuing across several disciplines . This continued to place inflationary demands on wages as companies competed for a smaller pool of available candidates .
Dave Meldrum , CEO and founder of a business now in its 24th year , credited a large portion of this success to the firm ’ s self-delivery capabilities and its growth in the Teesside area . Since opening its regional office in 2021 , a large proportion of contracts delivered in 2023 were in Teesside .
Dave said : “ With the growth in both turnover and profitability forecast for this current year and the relationships forged with many clients looking to place repeat business with ourselves , we believe we are well-placed and equipped to look to the future with great confidence .”
Having recently been appointed by K2 Construction Management on behalf of SeAH Wind , Meldrum is establishing itself as a key player in the Teesside construction space .
Being well versed in regeneration , including the preservation of heritage buildings , has been an integral part of Meldrum ’ s portfolio and ethos . Combined with a passion for giving back to the communities in which they work , Meldrum believe in providing opportunities , supporting the local economy by using a local supply chain wherever possible and encouraging those from disadvantaged backgrounds to have and follow their aspirations .
Glenn Forbes , construction project director for K2 Construction Management , said : “ We ’ re proud of our commitment to employing local contractors at every opportunity in our projects . Being able to bring Meldrum on board at SeAH has been a resounding success .
“ They ’ ve flourished within our construction management model , resulting in them securing additional work . Congratulations to Dave and his team for their annual results , all richly merited .”
Meldrum Group is passionate about supporting young talent , successfully delivering more than 180 apprenticeships since the firm ’ s incorporation in 2001 , while also always looking to give back to the local communities in which the firm works .
Tees Valley mayor Ben Houchen welcomed the company ’ s growth as a further indication of how investment across Teesside is delivering regeneration , skills and jobs .
Meldrum goes from strength to strength with significant Teesside growth
Mayor Houchen said : “ Our region is a location that is home to huge transformational projects that are providing fantastic opportunities for great companies such as Meldrum to invest and grow .
“ We are seeing more and more businesses opening new bases on Teesside to take advantage of the major amount of investment and seeing success when they do - with the knock-on effect of delivering more well-paid , quality jobs and skills training for local workers .
Dave Meldrum said : “ The regeneration and investment the TVCA have achieved in the area is fantastic . We know the Tees Valley is an area that has been crying out for regeneration , investment and more highly-skilled job opportunities for a number of years now .
“ We ’ re thrilled to be part of the Tees Valley economic landscape and similarly believe that as employers , we should recruit and spend locally . This is why we employ local people and wherever possible , engage with a local supply chain . It is imperative we support our local economy . TVCA has delivered a crucial role in redefining the region ’ s aspirations and future growth plans .”
Following the award of SeAH ’ s office accommodation (£ 7m ), Meldrum Group has also been awarded its maintenance building (£ 2.7m ) and their welding consumables building (£ 800k ). These projects are part of SeAH ’ s £ 650m development at Teesworks , which is part of the UK ’ s largest freeport .
Find out more about Meldrum Group at meldrumcs . com
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