Banks Group 'well placed' after year of growth

A family-owned property, housebuilding and mining firm says it has laid foundations to mark its half-century in style after swinging back into the black.

Banks Group recorded £11 million combined operating post-tax profit in the year to September 30.

The figure reversed a £7.2 million loss, while turnover edged higher from £26.3 million to £27.1 million.

Bosses say the County Durham-headquartered operator – which recently became Durham Cricket’s principal partner – was boosted by housebuyer interest, ongoing mining work and “healthy” demand across its property development arm.

The business’ homes division includes the Symeon Court development, on the outskirts of Durham City, and West Rainton’s Cathedral Meadows, also County Durham.

Its property venture last month revealed plans for a 350-home scheme in Tudhoe, near Spennymoor, County Durham, with its mining business principal contractor at the Bantycock gypsum mine, near Newark, Nottinghamshire. 

And Harry Banks, chair and chief executive, said the group – which was formed in 1976 as H J Banks and Company, and has offices in Meadowfield and Leeds – is set to maintain its momentum into its 50th year.

He said: “As we approach our anniversary, we remain well placed to deliver good growth and earnings in the coming years.

“We have made good progress in the development of our homes division, which has a growing number of live sites and healthy pipeline of opportunities.”

However, Harry warned progress across its property arm could be stymied by planning difficulties.

He added: “We are working on a large volume of projects, but are continuing to see evidence that the current planning system is unduly slow and unpredictable, with significant delays leading to shortages in land available for much-needed housing.”

The results marked Banks Group’s first annual figures since it offloaded energy division Banks Renewables to international asset manager Brookfield.

The venture now operates as OnPath Energy.

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