Regional construction group Beard which has a well-established office 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 2015. The family-owned firm reported a 24% leap in its pre-tax profits for the period, up from £2.3 million in 2014 to £2.9 million.
In improving market conditions for the UK construction industry, Beard has continued to outperform. Turnover grew 26% for the period from £88.1 million to £110.8 million. The company’s year-end order book also rose by 55% from £60 million to £93 million over the period while cash flow remained exceptionally strong, with cash balances often exceeding £12 million.
The firm which is on ten construction frameworks, secured a number of top projects last year in the education, healthcare, sports and leisure and commercial sectors. Key projects for the company’s Swindon office included a £3.2 million contract to build the new single form entry school Ridgeway Primary Academy in Swindon; a £3.3 million development for Monkton Combe Prep School in Bath and a £3.2 million contract to build the new STEM building at Cirencester College. The Swindon team also secured a place on Lot 1 and Lot 2 of Gloucestershire County Council’s Construction Framework.
“Our focus on prompt and faultless delivery, and being selective about the projects we undertake, has helped us win more work and provided new opportunities for growth in 2015. We’ve also seen high levels of repeat business which we have been able to secure due to investment in people, systems and modern building practices giving us the confidence to be able to deliver for our customers. The future results are likely to be of a similar or better level,” said Beard chief executive, Mark Beard.
“Looking ahead, our order book is strong and we expect to see another good year of sustainable growth for the business which continues to benefit from a strong leadership team and ongoing investment in training and development and enhancing our construction services offering. I see growth this year coming from doing more of what we already do in our business sectors and growing market share by being the best at what we do.”
The family-owned construction firm which undertakes construction projects up to £12 million, has delivered strong year-on-year growth under CEO Mark Beard who over the past 17 years, has transformed the business from a small local builder to a modern, professionally-managed regional construction company. During this time, the firm which in 2014 was named West of England Business of the Year, has seen its turnover jump from £18 million in 1999 to £110 million and profits rise from £0.25 million to £2.9 million
Pictured above: Mark Beard, Chief Executive of Beard Construction