Local construction firm Beard reports record results
PUBLISHED: 10:12 11 May 2016 | UPDATED: 10:12 11 May 2016
Beard expect to continue their strong business performance this year after delivering a record set of financial results 2015. A 24% leap was reported in their pre-tax profits for the period, up from £2.3 million in 2014 to £2.9 million.
In improving market conditions for the UK construction industry, Beard has continued to outperform. Turnover grew 26% for the period from £88.1 million to £110.8 million. Their year-end order book also rose by 55% from £60 million to £93 million over the period while cash flow remained exceptionally strong, with cash balances often exceeding £12 million.
Beard Construction which is on ten construction frameworks, secured a number of top projects last year in the education, healthcare, sports and leisure and commercial sectors. These included a £4.1 million refurbishment of a Georgian terrace in Berkeley Square, for the University of Bristol’s Law School in Bristol; a £5.7 million construction of the new Alexander Devine Children’s Hospice in Maidenhead, Berkshire’s first children’s hospice; a £10 million new headquarters for Vision Engineering in Guildford; a £5 million flagship library and sixth form centre we are building for Reigate Grammar School in Reigate, and the £3.2 million construction of a new single form entry school, Ridgeway Primary Academy in Swindon.
“Our focus on prompt and faultless delivery, and being selective about the projects we undertake, has helped us win more work and provided new opportunities for growth in 2015. We’ve also seen high levels of repeat business which we have been able to secure due to investment in people, systems and modern building practices giving us the confidence to be able to deliver for our customers. The future results are likely to be of a similar or better level,” says Beard chief executive, Mark Beard. “Looking ahead, our order book is strong and we expect to see another good year of sustainable growth for the business which continues to benefit from a strong leadership team and ongoing investment in training and development and enhancing our construction services offering. I see growth this year coming from doing more of what we already do in our business sectors and growing market share by being the best at what we do.”
Beard Construction which undertakes construction projects up to £12 million, has delivered strong year-on-year growth under CEO Mark Beard who over the past 17 years, has transformed the business from a small local builder to a modern, professionally-managed regional construction company. During this time, the firm which in 2014 was named West of England Business of the Year, has seen its turnover jump from £18 million in 1999 to £110 million and profits rise from £0.25 million to £2.9 million.