Regional construction group Beard which has offices in Swindon expects to continue its strong business performance this year after delivering a record set of financial results for the year ended 31 December 2014. The 2014 South West Construction Firm of the Year reported a 47% leap in its pre-tax profits for the period, up from £1.4 million in 2013 to £2.1 million.
Against challenging trading conditions for the UK construction industry in general, Beard has managed to buck the trend. Turnover grew 15% for the period to £88.1 million (2013: £77.3m). The company’s order book also rose by 50% from £40 million to £60 million over the period while cash flow remained exceptionally strong, with cash balances often exceeding £6 million. Beard’s current order book stands at £58 million.
The family-owned construction group which is on seven construction frameworks, secured a number of top projects last year in the education, healthcare, ecclesiastical and commercial sectors. These included a £5.3 million contract to transform the former HM Revenue and Customs tax office into student accommodation in Bristol; a £4.7 million community centre construction for Oxford City Council in Oxford; a £3 million extension of Haydonleigh Primary School in Swindon for Swindon Borough Council; a £960,000 refurbishment and extension of the Royal Surrey County Hospital’s Ophthalmology Department in Guildford, and a multi-million pound framework scheme to build a new three-storey teaching complex at Durrington High School in Worthing for West Sussex County Council.
“We’re delighted with this year’s business performance which has delivered record financial results and substantial growth for Beard. Looking ahead, our order book and cash balances are strong and we expect to see further growth across all our business sectors this year as we continue to focus on our strategy of prompt and faultless service delivery, good cost control and being selective about who we work with and the projects we do,” says Beard managing director, Mark Beard “We’ve also positioned the company for its next stage of growth by strengthening our leadership team, increasing our investment in training and recruitment and enhancing the services and support we provide to our customers.
Pictured above: Mark Beard, managing director of Beard