Midlands based contractor reports strong set of results for 2011

Thomas Vale has reported a sharp increase in turnover as the group continues its expansion across the UK.

In its end of year results the Midlands-based contractor announced that turnover increased 28% to £251.6m – up from £196.4m in 2010.

The net asset value leaped a staggering 264% to just over £24.6m from the 2010 figure of £6.8m. The group has no borrowings and has accumulated cash balances of £21m for the year – up from £17.8m for 2010.  

Chairman of the group Mike Wallis said: “Our continued focus on cash management and driving efficiency within the Thomas Vale Group has ensured that we have maintained our competitive edge.

“Management and communication to supply chain has been critical in ensuring the success of a group-wide strategy to deliver greater cashable and non-cashable benefits for clients, delivery partners and stakeholders.”

Thomas Vale is planning to expand its presence across the UK and recently opened its first offices in the north-east and Hertfordshire.

The company was recently selected to construct a £38m office block for Birmingham council and to carry out a £20m redevelopment of the Telford International Centre for the Southwater Group.

The company has also landed a spot on the West Midlands Contractors Framework, which covers capital-spend projects worth £180m and runs over a four year period.  

Tony Hyde, managing director of the group adds: “We are confident that the new strategic business model that we have developed for the business will continue to deliver robust capabilities to our public and private sectors clients including the use of emerging innovations and markets which the rest of the UK construction industry is yet to implement.

“The continued effective management and selective diversion away from markets that carry high-risk has been essential in allowing us to achieve our vision for the business and the future.”