NG Bailey reports ‘positive’ results
NG Bailey has reported a 10% fall in group sales to £380 million for the year to the end of February 2014, with an underlying operating profit of £2.1 million. The drop in turnover was largely due to the continued challenges in the traditional building construction sector and the company enforcing a rigorous selectivity process in bidding to avoid ‘buying’ high-risk low-margin work.
David Hurcomb, chief executive, comments, ‘This is a strong set of results achieved against the backdrop of the worst recession seen in construction, one which has been particularly severe for specialist contractors such as NG Bailey.
‘This result is testament to the very high quality of our people and the significant investment in training — including in our renowned apprenticeship programme. We have continued to invest in training and in developing new growth sectors throughout the recession as we are confident this will deliver value in the long term.’
The company’s balance sheet remains strong, with net assets rising to £84 million, almost all of which is in cash. The company has no borrowings.’
