NG Bailey has announced its financial results for the year to February 24, 2012 – reporting a pre-tax profit of £7.2m and an increase in turnover of 12 per cent to £464m.
David Hurcomb, NG Bailey’s chief executive, who took up his post in September 2010, comments: “This is a strong result in what has been a very challenging environment, not just for us, but for UK industry as a whole.
“There are a number of reasons for the positive result, including a reduction in operating costs as we move towards being a leaner business and an improvement in trading across all of NG Bailey’s divisions – with every single one returning a profit for the year.
“Our Facilities Services and IT Services divisions are performing particularly well, but some sectors – such as construction – remain very difficult. However, we have the reputation, capability and financial strength to see this through.”
In 2011 the business launched a strategy that would see it make more of its full suite of capabilities. Through its five divisions, the company’s design, build, operate and maintain approach enables customers to benefit from a wide range of services that have the ability to reduce build cost, shorten build times and reduce overall operational and energy costs. This approach has also helped the group realise significant wins in its preferred sectors, resulting in a record forward order book of £0.75bn.
David concludes: “NG Bailey’s strategy for growth is clear. We are a financially sound business and our foundations are very solid. We don’t rely on borrowings; instead we have a strong bank balance, considerable net assets of close to £90m – an increase of £9m from 2011 – and backing from a family that’s dedicated to the business for the long-term.
“I am confident about our future. The next couple of years will remain very tough, but we are concentrating our efforts on reaching new markets, where there are many opportunities for us to seek growth in the longer term.”
Nimble Thompson, NG Bailey’s Chairman, added: “These results reflect the efforts of David and his team over the last two years. Our strategy is clear and well thought out.
“The near future will be difficult for the industry but we are confident about the future and as a well-led, securely funded family business we intend to remain a leader in our sector.”