01 August 2019

Midas successfully sustains business performance levels

Midas Group has posted figures for the 12 months to April 2019 showing a year in which it successfully sustained its revenue levels despite a contraction in its target market.

Revenue for the Group for the 12 months to April 2019 was £259m (2018: £267.4m).

The results reflect the company’s aim for long-term sustainable growth, driven by its strategy to become the contractor of choice in its chosen markets, through the delivery of its vision to be leaders in customer service and performance.

Despite tighter margins being experienced across the construction sector this year, the Group saw profits increase slightly on last year at £0.75m for the 12 months (2018: £0.7m).  It has been well documented this year that the sector has also had its liquidity and debt challenges, but 2018/19 saw the Group continue to operate with no debt, ending the year a significant cash reserve of £22.7m.

Alan Hope, Midas Group Chief Executive, said: “We’re pleased to be able to report a year in which we consolidated the significant growth recorded in 2018 – especially so given the continued disruption seen in the sector.

“We continue to focus on our vision of delivering industry leading customer service and performance which is at the heart of how we do business and will ensure we are well placed for the future.”

Midas’s excellent relationships with a wide range of customers have led to more than 75% of the Group’s work being carried out on a repeat business basis, with many schemes winning high profile awards, both locally and nationally.

The last 12 months have seen a host of new and re-secured framework wins as Midas has continued to forge these long-term relationships with its customers.

Recent framework wins include:

  • A position on the University of Oxford’s Capital Projects Partner Framework for developments valued between £5m and £20m
  • The £8 billion Department for Education (DfE) Framework
  • South and Mid Wales Collaborative Construction Frameworks (SEWSCAP)
  • London Housing Corporation (LHC) H1 framework to carry out housing development schemes across the South West of England and South Wales
  • Sole contractor to design and build housing developments above £2m for Cornwall Council
  • Fusion 21 housing framework throughout the South West, Wales and the Midlands
  • The Welsh Procurement Alliance for the refurbishment and maintenance of social housing and public buildings.

 

Recently, Midas Construction also re-secured its place on the £5.2b SCF Framework, continuing to support customers across the south of England to procure and deliver value-for-money, high-quality assets.

Back Print

MidasGroupUk