Barnfield says turnover will double in 2012
BARNFIELD Construction has said that a spate of new account wins should see turnover doubling in 2012 after winning several new contracts during its first quarter.
Newly-filed accounts for the Blackburn-based company show that turnover dropped by 9% in 2011 to £33.9m (2010: £37.4m), while pre-tax profits fell by around 17% to £3.5m (£4.2m).
The firm said that it had seen its turnover halve in recent years due to the tough climate in construction but its margins have largely been maintained and it is currently in the midst of developing 1.25m sq ft of industrial space.
Managing director Tim Webber said: “I’m confident this year we will be back up to the turnover levels we were achieving prior to the start of the recession.
“Through hard work and determination, we have battled through our third recession since formation in 1976 and we’re pleased to have won several contracts in the first quarter of what promises to be a successful year.”
He added that the firm had shifted focus slightly to concentrate on delivering more schemes for external clients. He said the firm used to generate 75% of its workload through its own speculative schemes, but this had fallen back in recent years to 50%.
“We are aware that there is still a great demand for our products across all of our
sectors but homeowners and businesses are struggling and apprehensive to finance projects. I feel that once confidence is injected, the market will stimulate.”
