For the first time in its history, private m&e group NG Bailey has passed the £500m mark, with an annual turnover of £525m for the 12 months to 29 February 2008.

Turnover was up 12% on the previous year.

Despite this achievement, pre-tax profit went the other way, falling from £18m in 2007 to £8m.

NG Bailey stated successful growth was negatively impacted by the rising cost of raw materials such as copper and challenging contractual issues in the rail sector.

The firm described prospects as “encouraging”.

NG Bailey chairman Nimble Thompson said: “The underlying performance of our business is strong. Our order book for the next financial year is more than 80% full.”