Building on a 50-Year Foundation

Construction independent ADCO spends much of its time going toe-to-toe with publicly owned multinationals. But this billion-dollar family business founded in 1972 has never been one to take a backwards step.

Judging by the strong outlook of ADCO senior management, together with a robust balance sheet and enviable project pipeline, it’s unlikely to do so any time soon.

ADCO is strongly placed as it begins its second half-century. With forecast turnover of $1.5 billion in the 2023 financial year, the business has enjoyed sustained growth since the 2018 financial year.

Balance-sheet growth has been equally impressive, with consistent operating profit of about 3.5 per cent a year. The 2022 financial year delivered record performance with work in hand of nearly $2 billion.

It’s a significant performance that saw ADCO recognised as Deloitte Australia’s Best Managed Company in 2021.

Looking beyond the bottom line, ADCO has worked hard to retain its long-held commitment to the health, wellbeing and career progression of its people—no simple task in the face of Covid.

Diversity and inclusion also continue to be highly valued.

The business’s vision was for a workplace that reflected the community and clients it served, ADCO managing director Neil Harding said.

“A culture built on fairness, respect and diversity undoubtedly improves our business by attracting and retaining talent, while creating a more engaged workforce, which is critical to sustaining high performance.”

The company also remains a leader in elevating the status and influence of women within Australia’s construction industry.

Guided by the Women of ADCO program, set up more than 10 years ago, women today make up 21 per cent of ADCO’s workforce and the business is committed to achieve 25-plus per cent in the 2023 financial year.

Harding is also a Workplace Gender Equality Agency pay equity ambassador, having taken the Pay Equity Pledge to close the gender pay gap at ADCO and advocate for change in the wider construction industry.

Given its independent family origins, it’s no surprise community has always been a big part of the ADCO culture.

The business continues to engage actively with charities, community groups and like-minded businesses across Australia.

“Our community engagement is underpinned by the Brinsmead Hill Family Foundation with an independent board chaired by ADCO director Tom Hill,” Harding said.

“In 2021 alone, the foundation saw around $600,000 and over 1000 hours of time dedicated to supporting local communities.”

With its first 50 years complete, where to next for ADCO?

ADCO owner and chair Judy Brinsmead said, “ADCO has grown to be one of Australia’s largest construction businesses. Yet for all our successes, it’s never been the projects that have defined us but, rather, the people and the partnerships we’ve built along the way.

“Putting people first has shaped our story for more than five decades and it provides an outstanding foundation for the future.

“We’re ambitious and excited to see where it takes us next.”

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