Ipswich construction firm celebrates as turnover soars to nearly £87m
PUBLISHED: 10:16 30 January 2019 | UPDATED: 13:04 30 January 2019
Political uncertainty may lead to a fall in demand for construction, a company boss has warned after posting a healthy set of results.
Ipswich-based building and civil engineering business Barnes Group saw turnover rise to nearly £87m in the year to September 30, 2018, compared to £70m in 2017, with profit after tax at nearly £2.3m compared to £1.7m the previous year.
Group chairman William Barnes said its construction division margins had shown improvement on 2017, and had traded well with good profitability.
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“The construction division has had another successful year with turnover up on the previous year as a result of both the high levels of activity of a number of regular clients as well as success in winning new contracts in what has been a developing market for construction services,” he said.
“Whilst the year ahead has a number of challenges, not least the political uncertainties re Brexit which might lead to a fall in demand for construction services, the division has completed calendar 2018 with a strong order book and again expect to perform well in the financial year ahead.”
Following the devastating loss of its managing director, Nick Fayers, late in 2017, the company made Amend UK its charity of the year. The charity supports those affected by MEN1 and endocrine tumours, the condition which caused his untimely death. Through its work and support from the local construction industry, it raised £100k for the charity.
“The results for 2018 are very pleasing. Most importantly, they reflect the series of very long term investments we have made in building strong and robust relationships with clients as well as maintaining our long-standing trainee and apprentice programmes which strengthen our team approach,” said Mr Barnes.
“However, we can only achieve our success by working closely with the many excellent consultants and sub-contractors who contribute so much to each of our projects. Despite uncertainty in the economic outlook, we remain optimistic.”
Barnes Construction projects started in 2018 and ongoing include Paxman Academy, a new secondary school in Colchester, a new headquarters for German power tools maker Festool in Bury St Edmunds and three five-storey buildings at West Suffolk Hospital.
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