Nursing home specialist Kori Construction achieves 10.5% margin

The Corby-based construction company saw its revenues rise by almost 56% to £54m in the 12 months to March 2024.

Pre-tax profits rose to £4m from £1.5m in the previous financial year, resulting in a profit margin of 10.5%.

Jordan Connachie, managing director of Kori Construction, said the company’s in-depth knowledge of the sector, combined with its strong financial controls, had enabled it to limit risks, particularly inflationary pressures from rising material and labour costs.

During the year, Kori completed five projects totaling 332 beds, bringing the total number of completed beds to more than 1,000.

He added that the company continues to see strong demand in the nursing home market and currently has 10 further projects in the pipeline, with a total of 671 beds.

Connachie added that future growth would continue to come from the care home sector, but also from the multi-bedroom and retirement home sectors, which accounted for 35% of the firm’s investment capacity ahead of the financial year.

“Given the significant shortage of beds predicted over the next ten years, as well as the ever-increasing number of older people, we expect this demand to continue and will continue to have a strong focus on this sector,” he said.

“In addition, our success in the multiroom and retirement home sectors has been a key part of our growth to date and will continue to drive profitable revenue growth for the company.”