Profits rise to £5.2m for Lancashire building firm Barnfield

Property developer and investor Barnfield Group Limited has achieved a 20% increase in profits despite turnover remaining at the £65m mark.

The Nelson-based building firm this week (July 3) reported an operating profit of £5.2m against group-wide sales of £65.2m for its last financial year.

The company attributed the 20% uptick to increased residential sector activity through its housebuilding brand, Barnfield Homes, along with the sale of completed industrial stock.

Barnfield’s order book for 2017 currently stands at £70m and includes contracts for clients such as Lancashire brewery Thwaites PLC, e-tailer Boohoo, filling station company Euro Garages and Burnley Football Club, among others.

The firm’s development and pre-contract team are currently working with partners, and a secure order book of more than £65m is expected in the next three months.

Last year, cash inflow from operating activities stood at £8m. Barnfield said it also has undrawn facilities with various funders for new development and investment opportunities.

Barnfield Group’s managing director, chairman Tim Webber, commented: “The introduction of the Government’s Help to Buy scheme has been a true asset to the house build industry and over 90% of our house sales are underwritten by the scheme.

“We’ve really benefited and are grateful for support from innovative forms of finance particularly from Growing Places and Lancashire County Council funding.”

Speaking further, he said: “We’re not feeling an impact from Brexit at this current time although we’re watching the situation carefully.

“Over the last year we’ve been more selective about the type of work we’ve been involved in which is a fantastic position to be in and has added to our profitability.”