T.B. Penick & Sons MOVES UP IN NATIONAL RANKINGS
Concrete Construction Magazine has ranked T.B. Penick& Sons, Inc. #1 in decorative concrete and #33 overall in its latest national ranking of concrete contractors.
T.B. Penick has been listed as the nation’s top decorative concrete contractor based on revenues generated in 2008. Penick jumped to the #1 spot from its #10 ranking last year in Concrete Construction Magazine’s annual Top 20 list.
In the same issue, the CC100, a listing of the top 100 structural concrete firms in the country, ranked TBP as #33 in the nation among structural concrete contractors, up from #45 last year. The ranking is based on annual revenues generated in 2008. About 82% of TBP’s revenue in 2008 came from concrete work.
According to the survey, some companies grew in 2008 while others sharply declined. The split was right down the middle with 40 companies growing, 20 staying about flat (±5%), and 40 posting significant revenue declines. TBP’s revenues grew 8.9 % over the prior year’s performance.
“We are very pleased with the company’s achievements, especially in this tough economic climate,” said Tim Penick, TBP’s President. “In this industry, you can never rest on your laurels; success is measured every day on every project. When it comes to delivering quality, innovation and value, we have been doing that consistently for more than 100 years.”
Since Concrete Construction started monitoring the growth and financial health of the concrete industry in 2001, concrete-related revenue for the top 100 companies has decreased only once prior to 2008 (that was in 2002 by 1.5%).
“I credit our people with the growth and success we are seeing,” Penick said. “Our company’s accomplishments are due to their effort and commitment.”
Commercial structural concrete, floors, and slabs encompass slightly more than half of the work of CC100 companies.
Overall, decorative concrete represents only about 1% the CC100 companies' business. Number-one-ranked Penick derives about 15 % of its revenues from decorative concrete work.
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