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Fri June 18 2021

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Beard results generate optimism

18 Mar Family-run construction firm Beard saw profits and revenues decline in 2020 but ended the year with a strong cash balance and zero debt on its books.

Beard financial director Fraser Johns
Beard financial director Fraser Johns

The 2020 accounts of EW Beard Ltd show pre-tax profit down 21% to £3.5m (2019:£4.45m) on turnover down 14% to £136m (2019:£158.5m).

But given the challenges of 2020, with the Covid-19 pandemic, the directors said that the financial results “reflect the strong foundation and financial controls within the company”.

Beard completed 31 projects during 2020, including the Swindon Carriage Works and a new training facility for Premiership Rugby club Bristol Bears.

The company began 2021 with £115m of work on its books and new work still coming in. It has recently won a £24m contract to redevelop the University of Oxford’s Rhodes House and a £25m order two Signature Senior Living developments in the southeast.

Financial director Fraser Johns said: “At Beard we were able to face the challenges raised by the coronavirus crisis with a good level of resilience, thanks to our history and culture of being a responsible business. As a result, we were able to deliver for our customers and continue to win new work during the year, ensuring a strong platform for 2021.

“It’s testament to the hard work and dedication shown across the business that we have come through 2020 together and can now look ahead to the rest of 2021, beyond the pandemic, with cautious optimism and confidence.”

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