Facilities group Norse positive for future after increasing profits
PUBLISHED: 05:27 15 December 2016 | UPDATED: 09:09 15 December 2016
Despite the continued reduction of local authority spending a facilities management, care and services group is confident of another successful year as it aims to strengthen its property division.
Norse Group increased its pre-tax profits from £3.54m to £4.13m in the 14 months to March 31, according to accounts filed at Companies House.
The EDP/EADT Top 100 business increased turnover across almost all of its major areas with property and facilities management, up £20m and £40m respectively. Its total turnover increased to £321.9m, from £251.2m.
The Norwich-based group, which is owned by Norfolk County Council, is made up of Norse Commercial Services, Norse Care and NPS Property Consultants along with a number of their subsidiaries.
In its strategic statement, filed as part of its accounts, Norse managing director Mike Britch says: “Despite the current economic climate, the outlook for the group is positive. The group has a large number of long-term partnership contracts with local authorities and government bodies, and therefore a strong forward order book.”
The report states NPS will continue to bid for commercial letting contracts as well exploring new partnering arrangements with local authorities.
It will also look for further housebuilding opportunities after the completion of the Carrowbreck Meadow scheme, which saw it partner with Broadland District Council.
Norse Commercial Services is budgeting for a 2.2% increase in its turnover in the coming period, which takes into account the adjustment for the extended accounting period which was used to bring Norse in line with Norfolk County Council’s year end.
The group as a whole has increased its average staff numbers by 537 to 10,821.
The group has reduced its pension deficit to £30.1m from £54.8m in 2015.