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Sun June 13 2021

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Forrest sales leap to £100m

15 May 13 Social housing contractor Forrest has reported a 49% increase in sales for 2012 to reach £100m for the first time in the company’s 58-year history.

A combination of increasing demand for its environmental services, new partnerships and major framework wins were behind the sales leap, up from £67m in 2011 and £52m in 2010.

Forrest, which is backed by private equity firm LDC, also posted another consecutive year’s growth in profits, with recurring EBITDA rising 17% to £8.2m (2011: £7m).

The business has also strengthened its board with the appointments of commercial director Mark Cutler, director of energy solutions Alan Neild-Crabb and operations director Mark Parker.

A focus on developing long-term partnerships with registered providers has seen Forrest secure a 10-year, £70m agreement with Bolton at Home in addition to forming a new £88m joint venture – Ring Stones – with Burnley-based Calico Homes.

Chief executive Lee McCarren said: “This has been a landmark year for Forrest and the firm has now established itself as a leading player in the UK’s social housing sector. Our absolute focus on securing long-term, sustainable growth through offering a broad-package of support services continues to fuel our expansion. By investing in both our core operations and emerging environmental services, we continue to position ourselves at the leading edge in the built environment and the first to market with new solutions.”

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