Beard bucks national trend to post strong set of results
Swindon-based construction group Beard has announced a strong set of results for the year ended 31 December 2013, bucking the national trend.
Against a backdrop of challenging trading conditions, the Group’s pre-tax profits for the year rose 21 percent from £1.4 million to £1.7 million.
Revenues were also 12 percent higher at £77.3 million (2012: £69.0m) along with Beard’s order book which was up eight percent from £37.0 million to £40 million. Cash flow during the period remained exceptionally strong, with cash balances often exceeding £7 million.
During 2013, the family-owned construction group, which is on seven construction frameworks, bucked industry trends by winning a number of high profile contracts in the education, healthcare, ecclesiastical and commercial sectors which helped boost the Group’s order book.
Key projects secured during the year included a £3.5 million sports centre development for Prior Park College in Bath; a £4.2 million science centre for St Helen & St Katharine school in Abingdon; a £1.7 million extension of St Andrew’s Church in north Oxford, and in Guildford, a £3.5 million office refurbishment and expansion of the former Beaufort House building in Chertsey Street, and a £2.2 million intensive care extension at Royal Surrey County Hospital.
Beard also completed the Bishop Edward King Chapel at Ripon College in Cuddesdon, Oxfordshire, which won Building Project of the Year at the British Construction Industry Awards. It was also the Royal Institute of British Architects (RIBA) Stirling Prize runner-up for the UK’s best building of the year.
“We’ve had another great year, beating the construction industry blues by winning high quality work,” said managing director, Mark Beard
“Our success has been driven by a strong focus on prompt and faultless delivery of all our buildings projects, good cost control and being selective about the clients we work with and the projects we take on.
“Our strong commercial results have also enabled us to invest in training and developing our people and improving our customer service.
“Looking ahead, we’ve got a strong order book and we’re well positioned to take advantage of improving market conditions. 2014 is going to be a great year for Beard – the future is bright.”