Milestone year for Forrest as revenues hit £100m
FORREST, the specialist Lancashire property services company, has reported a 49% surge in revenues, which has taken it past the £100m milestone for the first time.
The Preston-based group, founded 58 years ago, is in confident mood and says a healthy order book for this, should see it surpass the results it has just announced for the year to August 31, 2012.
Forrest, which focuses on the social housing sector, reported earnings of £8.2m for the period, a 17% uplift on 2011’s £7m.
The company, which is backed by private equity firm LDC, said it had maintained strong margins while also investing in its environmental services division and operational capability.
Chief executive Lee McCarren hailed a “landmark year” for the business, adding: “Our absolute focus on securing long-term, sustainable growth through offering a broad-package of support services continues to fuel our expansion.
“By investing in both our core operations and emerging environmental services, we continue to position ourselves at the leading edge in the built environment and the first to market with new solutions.”
Forrest said that it has a robust forward order book for the remainder of the current financial year with more than 94% of its forecasted income confirmed.
A focus on developing long-term partnerships has seen it secure a 10 year, £70m agreement with Bolton at Home in addition to forming a new £88m joint venture – Ring Stones – with Burnley-based housing association, Calico Homes.
Forrest Green, the firm’s environmental services division, has continued to fuel growth with the operation becoming one of the first registered installers under the Government’s multi-billion pound Green Deal initiative, while also running one of the UK’s inaugural Energy Company Obligation (ECO) projects in Bolton.
It has boosted is senior management team too with commercial director Mark Cutler, Alan-Neild-Crabb, director of energy solutions and operations director Mark Parker brought in to drive further growth.
