But family-owned contractor sees cash pile jump to more than £480m
Pre-tax profit at Bowmer & Kirkland fell more than a quarter last year but the firm managed to increase its net cash position to more than £480m.
One of the country’s largest family-owned construction firms, B&K said profit slipped to £53.2m in the year to August 2020 from £73.2m.
Turnover was up 4% to £1.1bn with its cash balance up to £482m from £447m at the year end. It said the value of its net assets rose to £508m from £475m.
The firm, which is building a £35m university campus in Peterborough, did not say why profit fell but all contractors have had to fork out in the past year to make sure they meet new site operating procedures caused by the covid-19 pandemic.
According to last year’s Sunday Times Rich List, the Kirkland family is worth £595m.