Regional construction group Beard expects to continue its strong business performance this year after delivering another record set of financial results for the year ended 31 December 2016.
The family-owned firm, which celebrates its 125th business anniversary this year, reported a 41 percent leap in its pre-tax profits for the period, up from £2.9 million in 2015 to £4.0 million.
In favourable trading conditions for the UK construction industry, Swindon-based Beard has excelled. Turnover grew 23 percent for the period from £110 million to £136 million and the current order book stands at just over £112 million.
The firm which is on fourteen multi-million-pound construction frameworks, secured a number of top projects in 2016 in the education, healthcare, sports and leisure and commercial sectors. These included a £7.2 million scheme for the SS Great Britain Trust to build the new national Being Brunel museum alongside Bristol’s Floating Harbour, an £11 million science building refurbishment at Eton College, and a major sports hall development which is part of a £60 million world-class sports complex in Oxford for the University of Oxford.
“Beard’s strong construction performance in 2016 reflects our continued strategic focus on prompt and faultless delivery, being selective about our projects and work-winning environments which bring out the best in our teams, said Beard chairman, Mark Beard.
“Our high-quality construction capability and profitable long-term relationships with our clients and suppliers, have also helped generate high levels of repeat business which we have been able to secure on better terms than lowest cost competitive tendering.”
The family-owned construction firm which undertakes construction projects up to £16 million, has delivered strong year-on-year growth under Mark Beard, who became company chairman last year following the appointment of David Sershall as managing director.
Over the past 18 years, Mark has transformed the business from a small local builder to a modern, professionally-managed regional construction company. During this time, the firm has seen its turnover jump from £18 million in 1999 to £136 million and profits rise from £0.25 million to £4.0 million.
Last year Beard also launched The Beard Charitable Foundation which was set up with a £250,000 donation from the Beard family to support staff community initiatives and construction education projects in the South of England.
Held and managed by Oxfordshire Community Foundation, a charitable organisation that connects donors with local causes, The Beard Foundation Board hopes to award £20,000 in grants annually.
“Our new Foundation supports charity and community work by our staff, wherever possible matching the funds raised by individuals or teams, up to a maximum of £5,000,” said Mark.
“It will also be making occasional larger strategic donations to charities across the South involved in construction industry education and tackling skills shortages.”
Looking ahead, Beard expects to see further business growth this year. “Given the agility of the business, the strength of our order book, framework contracts and pipeline of contract opportunities, we’re well positioned to build on our success in 2017,” said Mark.
“Along with a strong management team under new managing director David Sershall, we continue to invest heavily in training and developing our own skilled workforce in preparation for new construction opportunities in the new post-Brexit market and a continuous drive to be better tomorrow than we are today.”