Steelwork specialist’s pre-tax profit jumps 104% in year ending October 2014
Steelwork specialist Bourne Group has reported strong results for the year ending October 2014, with pre-tax profit rising 104% to £1.2m.
Pre-tax profit on ordinary activities was up from £585,000 in 2013. Turnover increased by 14% to £48m.
The company said the results mirror the improved trading conditions experienced in the UK construction industry over the period and are in line with expectations.
Bourne projects in 2014 included completing the redevelopment of Reading station, the £13m Bristol Parkway multi-storey car park for First Great Western, the extension of the National Theatre in London and new offices for BSkyB.
Chief executive Steve Govier said: “During the second half of 2014, the long awaited recovery in the UK construction sector began to take hold, buoyed by strong growth in the private residential sector, but with strong demand experienced in the commercial and infrastructure sectors and a general upturn in the wider UK economy.”
He said the economic downturn over the previous five to six years had caused several competitors to cease trading, significantly reducing capacity in the steelwork industry. As demand increased and outstripped capacity, the company was able to be more selective with its projects, with trading conditions generally improving, especially in the fourth quarter of 2014.
He added: “These conditions bode well for the immediate future and the Company is well placed to take advantage of any continued growth.”