Record profits at NG Bailey as profits double

David Hurcomb, chief executive, said that the firm’s decision six years ago to move into infrastructure and facility services alongside its core engineering business had allowed it withstand the shocks of recent political events.

Figures for the period ending February 24 this year show that sales increased from £408m to £500m and operating profits doubled, from £6m to £12m.

The Group’s forward order book rose by 10 per cent, to £902m.

Mr Hurcomb told The Yorkshire Post that he wanted his firm to be involved in the HS2 construction process and that the combined contract it had to install an electrical package at the Hinkley Point nuclear power station had the potential to be a serious boon for his firm.

He also told this newspaper that he felt the strong results were a vindication of the diversification programme he and his team had put in place but warned that the economic effects of Brexit were yet to be felt by the industry at large.

David Hurcomb, Chief Executive of NG Bailey, said: “Our operating performance over the past year shows the strategy we put in place six years ago – when the construction industry was being heavily impacted by the economic downturn – was the right one. I would like to thank our great people, who have delivered this tremendous result.

“However, we cannot afford to be complacent. Each of our key divisions performed strongly over the past year, but we are operating in what is still a challenging environment for our industry, and with a backdrop of continuing political and economic uncertainty.

“As a family owned company, our independence provides us with the freedom to strategically reinvest our profits in areas that support future growth and enable us to be a sustainable business.

“Our success has been built on a platform of industry-leading expertise and exceptional customer service delivery, and that will remain our focus over the next 12 months and beyond.”

In addition, £3m a year is being invested in the training and development of its people, and over the past 12 months the Group has more than doubled the range of qualifications available in its award-winning apprenticeship programme.

Kevin Whiteman, chairman of NG Bailey, added: “Our financial strength, with no third party borrowings and net assets of £124m, allows us to invest for growth and to support the development of our people.

“We also recognise the opportunity, as a responsible business, to positively impact all our stakeholders, including almost 3,000 employees. That is why we are committed to environmental and social sustainability in order to build a better future for us all.”

The group’s other prominent projects of late include mechanical and electrical services at London Bridge and a major infrastructure contract at Belfast Waterfront to equip the entertainment and conference venue with smart building connectivity.

NG Bailey also worked in conjunction with CIBSE to develop the award-winning BIMHawk, a free web-based system and software plug-in that significantly improves BIM Level 2 productivity.

More to follow...