Construction group posted 53% hike in pre-tax profits as turnover gets close to £1bn

Bowmer & Kirkland (B&K) has reported a 53% jump in annual pre-tax profits.

In its full year year results for the year ending 31 August 2016, the Derbyshire-based contractor said pre-tax profits were £61.5m, up 53%, on the £27.1m recorded last year.

The company’s turnover was £930.7m, an increase of 9.7% compared to the previous year.

Reporting its numbers, privately-owned B&K said operating profits were up 28% for the year, at £52.7m.

The firm said long-standing joint venture projects were “coming to fruition”, while its housebuilding operation had had what it described as an excellent year”.

Net cash in the bank stood at £268m at the year’s end, which the business said meant that it was able to provide equity funding for developments and finance joint venture arrangements “as they arise”. B&K said it was “actively seeking” further joint ventures opportunities.

The value of net assets stood at £360m at the year end, an increase of 12% compared with 2015.

The impact of the vote to leave the EU had yet to be seen, the company added, but the group was “well placed to take advantage of any available opportunities in the market place in which we operate”.