July 5, 2017
PROFITS UP 20% FOR CONSTRUCTION GIANT BARNFIELD
Turnover has remained at the £65 million mark with profits up by 20% for award-winning contractors, developers and investors Barnfield Construction.
Consolidated accounts published for the parent company Barnfield Group Limited reported Group turnover of £65.2 million and operating profit of £5.2 million.
Focused efforts have been made to grow their Barnfield Homes brand and has led to increased activity in their residential sector market. This along with development profits on sales of completed industrial stock are the two main contributors to the higher profit margin.
The current order book for 2017 stands at £70 million and includes contracts for clients such as Really Useful Product Company, Burnley Football Club, Chubb Fire & Security, Thwaites PLC, Boohoo, Euro Garages and Boundary Mill.
The development and pre-contract team are currently working with a number of partners and a secure order book of in excess of £65 million is expected within the next 3 months.
Cash inflow from operating activities was £8 million last year giving a strong balance sheet plus undrawn facilities with a number of funders to invest in new development and investment opportunities.
Tim Webber, Chairman and Managing Director of the Barnfield Group Limited commented:
“The introduction of the Governments’ Help to Buy scheme has been a true asset to the house build industry and over 90% of our house sales are underwritten by the scheme. We’ve really benefited and are grateful for support from innovative forms of finance particularly from Growing Places and Lancashire County Council funding.
Commenting on the hot topic of Brexit Tim added “We’re not feeling an impact from Brexit at this current time although we’re watching the situation carefully.
Over the last year we’ve been more selective about the type of work we’ve been involved in, which is a fantastic position to be in and has added to our profitability.”