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News » UK » NG Bailey doubles profits » published 5 Jul 2017

NG Bailey doubles profits

Building services contractor NG Bailey has reported a 23% rise in sales over the past year and doubled operating profits.

Chief executive David Hurcomb Above: Chief executive David Hurcomb

For the year to 24th February 2017, NG Baily banked sales of £500m, up from £408m the previous year.

Operating profits were £12m, up from £6m last time. The forward order book was up 10% at year-end, reaching £902m.

NG Bailey’s recent strategy has been to move from a reliance on building construction to a portfolio across IT, facilities management, large-scale engineering construction projects and traditional building work. Sales across all its engineering and services divisions increased during the year.

Chief executive David Hurcomb said: “Our operating performance over the past year shows the strategy we put in place six years ago – when the construction industry was being heavily impacted by the economic downturn – was the right one. I would like to thank our great people, who have delivered this tremendous result.

“However, we cannot afford to be complacent. Each of our key divisions performed strongly over the past year, but we are operating in what is still a challenging environment for our industry, and with a backdrop of continuing political and economic uncertainty. 

“As a family owned company, our independence provides us with the freedom to strategically reinvest our profits in areas that support future growth and enable us to be a sustainable business.

“Our success has been built on a platform of industry-leading expertise and exceptional customer service delivery, and that will remain our focus over the next 12 months and beyond.” 

Chairman Kevin Whiteman added: “Our financial strength, with no third party borrowings and net assets of £124m, allows us to invest for growth and to support the development of our people.”

 

 

MPU

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This article was published on 5 Jul 2017 (last updated on 25 Sep 2017).

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