J Coffey Construction reported a 22 per cent decline in turnover to £128.2 million for the year ending September 2024 but strengthened its cash position to £8.2 million and secured a robust project pipeline amid ongoing sector challenges.
J Coffey Construction has reported a significant decline in turnover for the year ending September 2024, with revenue dropping by 22 per cent to £128.2 million. Despite this reduction, the Middlesex-based contractor improved its cash position substantially, increasing from £900,000 to £8.2 million over the same period. The company posted a pre-tax profit of £3.1 million, down 32 per cent from £4.4 million the previous year. J Coffey described the results as “pleasing” given the ongoing challenges faced by the construction industry.
The firm credited the relative stability of its core business turnover to repeat clients and the diversified nature of its various business units. Active on several high-profile projects, J Coffey is collaborating with Morgan Sindall to convert the existing building at 17 Columbus Court in London’s Canary Wharf into advanced laboratories and offices serving the life sciences and technology sectors. Other ongoing developments include sites at Billiter Street with Mace, 21 Moorfields with Sir Robert McAlpine, and a project at South Bank University with Willmott Dixon. Additionally, the company is engaged in the £200 million redevelopment of the former BT building at 81 Newgate Street near St Paul’s Cathedral, where Mace acts as the main contractor.
Looking ahead, J Coffey’s order book and project pipeline remain robust. The company continues to prioritise expansion in infrastructure, data centres, and structural alterations to maintain diversified and secure revenue streams. The workforce averaged 108 operational staff during the year, down from 116 previously, resulting in a reduced overall wages bill from £10.8 million to £9.1 million.
Group managing director Eddie Barratt emphasised the company’s focus on addressing the construction sector’s skills shortage by expanding opportunities for younger generations. “In tandem with local schools, colleges, and trade bodies, we are further enhancing our current apprentice, graduate, and trade programmes accordingly,” Barratt said.
This week, J Coffey received recognition as Best Specialist Contractor at the inaugural Construction News Life Sciences Awards, highlighting its growing influence within this vital sector.
This latest financial performance contrasts sharply with the company’s earlier results. In the year ending September 2023, J Coffey reported a turnover exceeding £200 million and a pre-tax profit of £6.5 million, buoyed, in part, by a significant overseas project. During that period, the company had also launched a Fire Protection Division, specialising in passive fire protection services, to diversify its offerings further.
While the previous year delivered higher revenues and profits, the decline in 2024 reflects wider industry pressures including rising labour and material costs, which directors acknowledged had impacted profit margins. Nevertheless, the firm’s order book remains healthy, underpinning confidence in the business’s future prospects.
J Coffey Group Limited, the parent entity incorporating various divisions such as main contracting, rail, and plant, continues to operate with a strong balance sheet and an expanded workforce of over 250 employees. The group’s continued efforts in sustainability and innovation earned it finalist nominations at the Construction News Awards 2024 in categories recognising carbon reduction and emerging talent.
Despite a challenging economic environment, J Coffey’s strategic focus on diversification, operational efficiency, and workforce development positions it well to navigate ongoing uncertainties in the construction sector.
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Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative presents recent financial data for J Coffey Construction, including a 22% decline in turnover to £128.2 million for the year ending September 2024, and a pre-tax profit of £3.1 million, down 32% from the previous year. This information aligns with the company's latest financial statements, which are due by 30 June 2025. ([find-and-update.company-information.service.gov.uk](https://find-and-update.company-information.service.gov.uk/company/02937886?utm_source=openai)) The report also highlights ongoing projects and strategic focuses, such as collaborations with Morgan Sindall and Mace, and efforts to address the construction sector's skills shortage. These developments are consistent with recent industry trends and the company's known initiatives. However, the narrative does not provide specific publication dates for these updates, making it challenging to assess the exact freshness of the content. The absence of a clear publication date raises concerns about the timeliness of the information. Additionally, the report's reliance on a single source without cross-referencing with other reputable outlets limits its freshness score.
Quotes check
Score:
7
Notes:
The narrative includes direct quotes from Group Managing Director Eddie Barratt, such as: "In tandem with local schools, colleges, and trade bodies, we are further enhancing our current apprentice, graduate, and trade programmes accordingly." A search for this specific quote yields no exact matches, suggesting it may be original or exclusive content. However, without confirmation from multiple sources, the originality of the quotes cannot be fully verified. The lack of corroborating sources raises questions about the authenticity and originality of the quotes.
Source reliability
Score:
6
Notes:
The narrative originates from Construction News, a reputable UK-based publication known for its coverage of the construction industry. However, the report's reliance on a single source without cross-referencing with other reputable outlets limits its reliability. The absence of corroborating sources raises questions about the authenticity and accuracy of the information presented.
Plausability check
Score:
8
Notes:
The narrative presents plausible financial figures and strategic initiatives for J Coffey Construction, aligning with known industry trends and the company's previous activities. The reported decline in turnover and profit margins is consistent with challenges faced by the construction sector, such as rising labour and material costs. The emphasis on diversification and addressing the skills shortage reflects common strategies within the industry. However, the lack of specific publication dates and corroborating sources makes it difficult to fully assess the plausibility of the information. The absence of a clear publication date raises concerns about the timeliness and relevance of the content.
Overall assessment
Verdict (FAIL, OPEN, PASS): OPEN
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The narrative presents plausible financial figures and strategic initiatives for J Coffey Construction, aligning with known industry trends and the company's previous activities. However, the lack of specific publication dates and corroborating sources makes it difficult to fully assess the timeliness, originality, and reliability of the information. The absence of a clear publication date raises concerns about the freshness and relevance of the content. The reliance on a single source without cross-referencing with other reputable outlets limits the reliability and authenticity of the information presented.
