For the year ended 31st August 2020, Bowmer & Kirkland turned over £1.11bn (2019: £1.07bn) and made a pre-tax profit of £53.23m (2019: £73.15m).
Operating profit slipped from £71.0m last time to £60.5m. The decline in profits was attributed to the constraints imposed by the coronavirus pandemic – bringing the first national lockdown, supply chain disruptions and new operating procedures.
Despite the 27% fall in pre-tax profit, the privately-owned company’s net assets grew during the year to £508m (2019: £475m) and the net cash position on 31st August was £482m, up from £447m a year before.
Chairman Jack Kirkland said: “Our construction companies performed well in all sectors and in all regions.”
Property developments through the Peveril Securities business and work with joint venture partners made a key contribution to the results, with some long-term projects coming to fruition in the year.
“Our strong cash position enables us to act quickly and we continue to seek out equity funding opportunities,” Jack Kirkland said.
He added: “This year has demonstrated that predictions can quickly be overtaken by events but I am confident that our strong balance sheet and outstanding staff will enable us to withstand the challenges and take advantage of the opportunities that we are presented with in the coming months and years.”
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