Renaker plans more project starts as turnover nears £100m

Renaker, the developer-contractor currently delivering the tallest towers in both Manchester and Salford, has reported a turnover approaching £100m and a pre-tax profit of £3.5m in its latest full-year results.

The company, founded by ex-Laing O’Rourke man Daren Whitaker in 2006, is currently on site at the 44-storey 100 Greengate in Salford, and Deansgate Square in Manchester, which features a tower of 66 storeys and will ultimately deliver 1,500 apartments.

In its latest results filed with Companies House, covering the year to 31 October 2017, the company reported a turnover of £97.3m and a pre-tax profit of £3.5m. This is up from £88.5m and £2.8m year-on-year respectively.

The developer-contractor now has a pre-tax profit margin of 3.6%, and employs 137 staff, up from 114 year-on-year.

Turnover has more than doubled in three years; in its results covering the year to 31 October 2014, the company reported a turnover of £37m and a pre-tax profit of £1.2m.

In the directors’ report, Whitaker said the company was looking to start three new projects during 2018.

Projects in Renaker’s pipeline include two primarily residential towers of 52 and 22 storeys at Crown Street, forming part of the Great Jackson Street masterplan, which have been designed by architect SimpsonHaugh. This project received planning consent last month, and activity has already been noted on site.

Site clearance is also under way at its Chester Road project, which will feature two blocks of 21 and 12 storeys including 188 apartments for private rent.

The company also reported cash and cash equivalents of £19.3m at year end, up from £5.8m a year earlier. Renaker was contacted for comment.