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鈥檚 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.
鈥淲e are operating in what is still a challenging environment for construction, with many major contractors feeling the impact.鈥�
Hurcomb said there was 鈥渃ontinued economic uncertainty surrounding Brexit and the impact it will have on our industry鈥�, although his business was 鈥渋n a good position to weather any economic storm鈥�.
Pre-tax profit came in at 拢19.6m, up 5%, as the group reported turnover for the year to 2 March 2018 of 拢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 拢13.7m, up 14%.
The deal to buy the Freedom Group had helped push the firm鈥檚 overall order book to around 拢1.4bn, it added.
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