Construction firm unveils strong results and eyes development opportunities
Lancashire-based Barnfield Group has announced strong results for the year to December 31, 2019, delivering a second successive record year with group turnover at £89.2m compared with £81.3m in 2018, an increase of 10%.
The Nelson-based family-run business, which includes construction, development and investment and is active on more than 30 sites throughout the UK, predominantly in the North West of England, reported pre-tax profits for the group of £6.65m, a rise from £6.6m, and Barnfield Construction £5.9m, up from £5.3m on the previous year.
The company says it is in a robust position to invest in new development opportunities in the future, with cash balances of £8.8m at the end of 2019 – and an £80m pipeline of projects in 2020, with around 75% of this coming from jobs which are already on site and in progress.
The group has a long-established reputation in the construction market having delivered more than 1,000 major projects nationwide over its 44-year history through Barnfield Construction, including the recently-completed £17m Haydock Green commercial development in St Helens.
The Haydock Green development
Barnfield Group is now looking for opportunities to grow the development arm of the business, building on the success of a range of ongoing schemes, delivered alone, or through joint ventures created with public and private sector partners.
These include Pendle Enterprise and Regeneration (PEARL), a pioneering partnership established in 2007 between Barnfield Investment Properties and Pendle Borough Council, which aims to make Pendle a more prosperous place, delivering more than £80m of development and regeneration projects.
Tim Webber, chairman and managing director of the Barnfield Group, said: “We have taken the opportunity over the last 12-18 months to build on our market-leading position within the industry, something we never take for granted.
“We remain focused and confident as we work through the current crisis and challenging times over the months ahead.
“All but one of our live sites remains open, albeit at a reduced rate of activity, to ensure that we’re taking all the necessary precautions to enable us all to work safely.
“It is likely that this will have the effect of pushing some work back into 2021, however, to date we have not had any new contracts cancelled or postponed.”
He added: “The construction industry is a commercially cyclical environment with only the most robust companies able to maintain and grow market share.
“As a business, we have developed skills and experience across all sectors to allow maximum flexibility within the ever-changing market.
“As we look to the future, we see opportunities for growth in the development side of the business, especially in the £3m-£10m bracket.
“We are proactively looking for opportunities to build on new and existing relationships to deliver projects that harness our track record of undertaking, project managing and successfully delivering schemes from conception to completion.”
Barnfield employs around 170 staff offering most aspects of construction and civil engineering work from its multi-disciplinary team.
The group is currently on site delivering a range of mixed-use schemes nationwide across retail, commercial, industrial and healthcare sectors and a variety of residential sites for its public and private sector partners, together with the Barnfield Homes brand.
The business has also invested heavily in the ongoing training and development of its staff, and will continue to strengthen links with external educational providers to develop a positive career path in construction and ensure its workforce retains the core skills that, it says, have cemented the company’s position as a market leader.
