Construction projects delivered on time and on budget despite pandemic

Major construction projects were delivered on time and on budget despite the pandemic, half-year financial results from Swindon-based Beard show.

The accounts covering the first half of the year reveal £72m in sales, holding a strong cash balance and zero debt on its books.

Despite the hard lockdown from March until June, Beard completed a total of 31 projects, including the iconic Swindon Carriage Works and a brand-new training facility for Premiership Rugby club Bristol Bears.

This was delivered on time and on budget despite the restrictions placed on the project as a result of Covid-19.

The firm says its strong financial performance is due in part to its strategic approach to operations throughout the pandemic, as at the height of the lockdown it continued to work on more than 90 percent of its sites.

It also fully implemented the Site Operating Procedures drawn up by the Construction Leadership Council, which ensured staff and subcontractors working on Beard sites were not exposed to unnecessary risk of infection.

By doing this it could continue to provide work for its staff and sub-contractors and deliver for its clients.

Beard implemented additional safety measures including lengthening the working day and re-sequencing stages to allow different workers to be on-site at different times, minimising the need for contact.

Chairman Mark Beard said: “In early July we asked our auditors to conduct an independent review of our financial accounts for the first six months of this year, which they duly did.

“This is the first time in the history of the business that we’ve carried out this exercise. Pleasingly our results show that our balance sheet remains very strong and we have a healthy cash position.

“The situation with Covid-19 is unprecedented and continually evolving. It has never been more difficult to predict the year ahead.

“However, we are confident that these results demonstrate our financial resilience and the long-term sustainability of the business.

“We’ve also been able to keep momentum by winning some significant contracts such as Rhodes House and the Signature Care Home developments, thanks to the reputation we’ve built up in those sectors.

“So, we can look ahead to 2021 with a good level of confidence as we expect to continue winning new work and making further inroads into established sectors.

“But above all, we’ll be maintaining our commitment to excellence and our ambition to make a positive impact on the communities in which we live and work.”