Civils specialist Story Contracting Holdings has almost trebled its pre-tax profit, according to its latest annual accounts.
The Cumbria-based company posted a pre-tax profit of £7.9m for the year to 31 March 2024.
This was up from £2.7m in the prior period, while turnover grew by more than a fifth to £274.8m compared with £226.7m the year before.
Story was ranked 75th in the CN100 2024 list of top UK contractors.
Directors said an increase in revenue for Story Contracting Ltd, which accounts for 89 per cent of group turnover, was driven by higher volumes of work through Network Rail Control Period 6 frameworks.
The contracting business also undertook work on the Hope Valley Railway Upgrade project, the Carlisle Southern Link Road and the Oldhall energy-from-waste plant in Scotland.
Overall, Story Contracting Ltd boosted its turnover by 23 per cent to £253.3m while its operating profit more than doubled to £8.4m.
Staff costs rose within the business as performance incentives were met, directors said.
Meanwhile, equipment hire subsidiary Story Plant Ltd grew its turnover to £31.6m but faced a “challenging” year amid costs associated with a management restructure and bonus buyout.
Investment in a machine-upgrade facility improved availability and reduced reliance on external providers, directors said.
They added that people were the group’s “most important asset” with more than one in eight classed as mental health first aiders. Free fruit and discounted gym memberships are other perks offered by Story.
Staff numbers grew to an average of 944 in the latest period, up from 849 in the prior spell. The annual wage bill rose accordingly from £57.7m to £64.2m, according to the holding company’s accounts.
The firm held no bank loan debt and paid no dividends.
Story Contracting was among 30 firms named on a bumper framework in the North West of England at the end of last year. United Utilities said its £500m minor works panel represented the region’s “largest proposed investment in water and wastewater infrastructure for more than a century”.
Story was last summer named on a five-year Network Rail framework that will see the firm upgrading infrastructure in Scotland.
