Profits climb at property, energy and mining group
Renewable energy, property development and mining firm, The Banks Group, says it is making strong progress after more than doubling its operating profit over its latest financial year.
The firm, which has a base in Leeds, has reported a combined operating profit of £36m across all its businesses for the financial year ending 30 September 2022, up from £18m the previous year.
Overall group sales for the year rose by around two-thirds, up to £112m from £67m in the previous period, and are expected to remain robust during 2023.
Since the end of its last financial year, the business has launched a dedicated regional housebuilding company, Banks Homes, which will see it building its own houses for the first time across Yorkshire and North East England.
Banks Homes operates independently from, but alongside, the company’s existing property development arm, Banks Property, and is looking to acquire sites from other developers as well as identify its own opportunities.
Simon Fisher, group finance director at the group, said: “In line with our expectations, the performance of our business in 2022 was much stronger than the previous year, with all parts showing impressive growth compared to 2021.
“The Board believes the group is in an excellent position to maximise the opportunities available from the markets in which we operate and to achieve continuing profitable growth.”
As part of the development of its Kype Extension wind farm in South Lanarkshire, Banks Renewables recently completed the construction of its 100th wind turbine.
Once operational, this latest site will bring the number of operating sites across the North of England and Scotland to 11.
Banks Renewables is also continuing to bring forward a range of energy technologies, including solar energy, battery storage and flexible power generation.
It is currently progressing plans for a new green energy hub at the former Thorpe Marsh power station site near Doncaster, which includes what is thought to be the largest battery energy storage system currently being planned in the UK.
It is also looking to develop a new solar energy generation and battery energy storage project near Rotherham.
Banks Property’s year-on-year sales of land increased significantly from £3.7m in 2021 to £25.6m in 2022.
The business is working on plans for an extension to the village of Eggborough in North Yorkshire which would include up to 1,500 properties.
Fisher added: “Despite the welcome growth in revenues for our property business and the significant positive impact we expect to see from Banks Homes in the coming years, it remains clear that current planning delays are
holding back developments across the UK leading to shortages in land available for much-needed new homes.
“With our extensive experience in the property development sector, it was a logical step for us to start to build new, high-quality and sustainable homes ourselves by establishing our Banks Homes business.”
