Turnover at modular specialist Reds10 edged up last year, its latest set of accounts have revealed.
Revenue was up 2% to £145m in the year to March 2025 with pre-tax profit staying flat at £7m.
But the firm, which has five factories in East Yorkshire that combined give it manufacturing space of over 250,000 sq ft, said cash reserves were up more than 80% to £20.4m while the business remained debt free.
It said it was expecting turnover for the current year to be around £160m, a rise of around 11%, with the anticipated number buoyed by a £350m project pipeline in the defence, education and justice sectors.
Reds10 chairman Paul Ruddick said: “While many businesses have struggled, we’ve demonstrated that volumetric construction works when you diversify across multiple income streams and take a long-term, patient approach.
“This year marks a turning point for us: following a period of consolidation and significant investment in our manufacturing facilities and data platform, we are now driving the wholesale industrialisation of design, production, and construction processes, with AI integrated at every level.”
Staff numbers at the firm were up a third to 406.
Last summer, Reds10 announced a restructure of its top team with founder Ruddick back in day-to-day charge.
Its then chief executive Matt Bennion, who joined in 2019 and became boss two years later, was moved to head up sister company Thrive-AI, a smart building technology business.