Embrace Steel Group is enjoying significantly improved revenue and profits in its latest accounts, thanks in part to a major strategic acquisition deal completed during the last financial period.
During the previous reporting period, Embrace expanded its presence within the structural steel fabrication industry with the acquisition of WAA (Holdings) Limited and its subsidiaries, Shufflebottom and Celtic Cladding Services.
Adding Shufflebottom to its business portfolio immediately enhanced production capabilities, enabling Embrace to take on larger and more complex projects and positioned the business for sustainable growth.
Group revenue for the year ended 31 December 2024 increased to more than £41.4 million, compared to £26.2 million the year prior, underpinned by an improved pre-tax profit of £2.3 million, well ahead of FY2023 (£1 million).
While net assets for the Nottingham-headquartered steel frame specialist also grew during the period, to more than £4 million (FY2023: £2.1 million), supported by a solid cash position of more than £4.2 million, compared to £3.7 million in 2023.
“Both Shufflebottom and Celtic Cladding Services bring a wealth of expertise, specialised technologies, and a proven track record in structural steel fabrication that perfectly complements our existing group operations,” Embrace said.
“By integrating their strengths with ours, we are poised to enhance our service offerings, broaden our market presence, and solidify our position in the industry.
“This strategic alignment not only expands our portfolio but also enhances our ability to deliver comprehensive solutions to our clients.
“The synergies created through this acquisition will enable us to offer a more diverse range of products and services, catering to the evolving needs of our customers while maintaining the highest standards of quality and reliability.”
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In April this year, Embrace Steel Group appointed former strategic business development director at Severfield, Martin Kelly, as its new CEO.
Before joining Embrace, Kelly worked in KPMG’s Construction and Infrastructure team but more recently had been consulting a range of UK construction and engineering businesses.
At the time, bosses said they planned to raise Embrace’s profile within the UK steel and construction sector via operational improvements and more M&A, building on the acquisition of Hambleton Steel in 2022 and Shufflebottom last year.
Kelly said at his appointment: “I’m confident that Embrace will become a major player in the UK steel industry and I look forward to helping the business realise this ambition.”
Operating profit climbed from £1.2 million in 2023 to more than £3.2 million last year.
Profit for the year was nearly £2 million, compared to £744,935 in 2023.
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