Clancy is expected to exit multi-utility work from the next month as it suffered losses in the past. In its new five-year plan for the civils group, Clancy has now dropped the Docwra name from its contracting business.
The company is planning to focus on water work, civil engineering infrastructure, and power. This move was set out in its latest release of financial results for the year to March. The revenue saw a dip of 5% to £293m as it exited from its Scottish Power contract and lower multi-utility workloads. However pre-tax profit has risen to £2.6m from £0.9m in 2019 as it continued to recover on a yearly basis.
Kevin Clancy as the chairman of the firm said that the business was now debt-free. He further added that the challenges of the year ahead will be fulfilled with a support of as over £20m cash flow. 70% of current group revenue is under coverage of the water sector.
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