Major £550m turnover for West Yorkshire engineering and services group
Ilkley-based NG Bailey has revealed a 16 per cent turnover increase to £556m.
This follows an underlying operating profit increasing from £13.7m to £19.4m for 12 months to March 1, 2019.
NG Bailey attributes its financial performance to the acquisition of Freedom - a technical engineering and maintenance services group - in March 2018.
NG Bailey’s order book could also potentially grow to £1.4bn from £1bn in 2017/18.
In the past year, the company has worked on contracts including North Tees and Hartlepool NHS Foundation Trust Hospital; the Northern Line Extension Project; Sheffield-based development Grosvenor House, and the redevelopment of London Bridge Station.
David Hurcomb, chief executive of NG Bailey, said: “We have continued to deliver against our five-year strategy to achieve a balance in the business across our engineering and services divisions.
“The success of this plan is reflected in a strong operating performance that has continued to improve year-on-year.
“Our acquisition of Freedom has been key in allowing us to expand our capabilities in sectors including defence and airports, as well as establishing a new presence in the electricity distribution network market.
“We have also gained a wealth of new knowledge and experience from the talented members of Freedom who have now joined the NG Bailey Group.”
Other services contracts include securing a place on Yorkshire Water’s high voltage electrical design and maintenance framework.
NG Bailey will also continue working on contracts for Wood Wharf, the new mixed-use extension to Canary Wharf, and the Manchester Engineering Campus Development.
David added: “All businesses in the construction sector are operating in a challenging environment, but we believe our solid financial position, and our continued investment in our people, puts us in a good position to weather any future economic uncertainty.”
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