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Despite the collapse of one of its biggest clients mid-project, the firm successfully re-engaged with clients and replacement main contractors to safeguard work across its affected sites.
Pre-tax profits rose to £10.7m, up from £7.4m the previous year while operating margin held steady at 3.6%.
Net profit grew nearly 25% to £7.8m, although gross margin dipped slightly due to unrecoverable debts tied to ISG’s legacy retentions and defect liabilities.
Phoenix ME said swift action and strong client relationships were key to limiting exposure. “The courage and togetherness that define our core values facilitated early re-engagement,” the firm stated. “All live projects during administration have since been re-engaged under new contracts.”
The M&E specialist, which operates across data centres, life sciences, commercial, leisure, hotels and rail, also expanded into Cambridge via a new regional office in 2023. The move has opened fresh markets and contributed to the firm’s growth trajectory.
Phoenix said it has entered the new financial year with a record £520m secured order book and forecast revenues of more than £350m this year.
