Pre-tax profit at M&E contractor up but turnover drops
The boss of NG Bailey, the West Yorkshire-headquartered M&E contractor, said his firm was well placed to weather any commercial headwinds after the UK leaves the EU next March.
Speaking as the Ilkley-based firm posted a 5% rise in annual pre-tax profit, NG Bailey’s chief executive David Hurcomb said that while the business was focused on achieving sustainable growth and a market leading position in its core markets it could not afford to be complacent.
“We are operating in what is still a challenging environment for construction, with many major contractors feeling the impact.”
Hurcomb said there was “continued economic uncertainty surrounding Brexit and the impact it will have on our industry”, although his business was “in a good position to weather any economic storm”.
Pre-tax profit came in at £19.6m, up 5%, as the group reported turnover for the year to 2 March 2018 of £481m, down 4%.
The firm, which bought the electricity distribution business the Freedom Group in April and recently finished M&E services at the reamped London Bridge railway station (pictured), said its operating profit before exceptionals was £13.7m, up 14%.
The deal to buy the Freedom Group had helped push the firm’s overall order book to around £1.4bn, it added.