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Fri July 10 2020

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Beard counts on strong 2019 performance to see it through the crisis

27 Mar Family-owned construction firm Beard banked a pre-tax profit of £5m in 2019 and is counting on its healthy finances to get it through the economic turmoil of the coronavirus crisis.

Mark Beard
Mark Beard

Beard is continuing to keep its workforce on sites in compliance with the new Site Operating Procedures and the two-metre social distancing on site rule.

EW Beard Ltd’s 2019 pre-tax profit was up 1% on 2018 to £4.45m (2018: £4.40m), while turnover increased by 6% to £158.5m.

Beard chairman Mark Beard said: “Our strong performance is a tribute to the hard work of all our staff and supply chain. I am particularly pleased that we have been able to reward our extremely supportive supply chain by reducing average invoice payment times from 29 days to 27 days. The active support of our supply chain has been central to the successful delivery of our projects.”

On the Covid-19 pandemic, he said: “Safeguarding the health and safety of staff and contractors is of paramount importance to us. We are taking all necessary steps to ensure we minimise the risk posed by the ongoing Covid-19 outbreak, in line with guidance from the government and the Construction Leadership Council.

“We are in constant dialogue with clients, our supply chain and our wider stakeholder group to ensure they are fully apprised of how we are managing what is an unfolding situation.

“At a time like this, financial results seem relatively insignificant. I am confident, however, that our strong balance sheet means we are well placed to weather the coronavirus storm.”

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MPU
MPU

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