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NG Bailey’s operating profit soars

NG Bailey has experienced a 37% rise in operating profit.
NG Bailey’s operating profit soars
Its latest accounts reveal operating profit for the year to March 2 lifted to more than £12m from just under £9m.

Net assets rose to almost £83m from £67m.

Chief executive Mark Andrews said: 'It has been another good year for us, but the most pleasing aspect is that we have put more building blocks in place to secure our future prosperity.

Inspite of a record order book, the firm saw a fall in turnover from £491m to £467m. It said this came about because project phases had been earmarked for completion during the financial year, but now would not finish until next financial year.

The company said greater collaboration across the group had contributed to its continued success, with strong performance across all of its operating businesses this year.

Bailey, the M&E division, delivered strong performances in the North regions particularly. During the year construction started on Bailey's biggest-ever contract, the £430m PFI St Helens & Knowsley NHS trust project.

Bailey Off-site was heavily involved in the NHS trust contract. It provides pre-tested already insulated or wired M&E systems that can be rapidly connected and commissioned by installation engineers. Last year, it opened a £5m prefabrication facility in Bradford.

Bailey Teswaine, the group's IT solutions provider employs more than 350 people. It also performed strongly during the year, including securing a major long-term contract from BT. It met its overall business plan and posted an operating profit for the first time since 2004.
10 August 2007

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