NG Bailey triples profits with stellar performance

ENGINEERING and IT group NG Bailey has hit £408m turnover after a 12% hike in sales.

The Ilkley-based company has also tripled its operating profit for the year ending 26 February 2016 to £6m.

The company said its secured order book rose 14% to a record £673m, although full accounts are not yet available on Companies House.

NG Bailey said its solid performance this year was down to diversification, spreading its workload across IT, energy and facilities management as well as more traditional engineering and construction work.

The company said that during the year it secured £500m of new work. It has secured contracts with Land Securities, a five-year, £50m+ contract with Fujitsu for its Ministry of Defence work and was appointed preferred bidder on a number of schemes, including its joint venture with Balfour Beatty for EDF’s planned Hinkley Point C nuclear power plant.

Over the year the company said it had invested £5m in sectors like energy management and smart buildings, as well as training and development.

David Hurcomb, chief executive of NG Bailey, said: “Five years ago we embarked on a strategy to diversify our business and achieve an equal split of work across services, infrastructure and building construction. Our operating performance demonstrates that our strategy has worked.

“Our focus now is to retain this split. Given our industry-leading engineering expertise and our focus on exceptional customer service delivery, I believe this is achievable.

“Underpinning our operating performance is our commitment to health and safety. We have an industry-leading health and safety record. Our Accident Incident Rate (AIR) is five times lower than the industry average, and this year we have seen our lowest level of reportable accidents for 30 years.

“Our solid financial position, and our ability to continue to invest in the company, puts us in a good position to weather any economic storm that may arise from the recent Brexit vote.”

Kevin Whiteman, chairman of NG Bailey, added: “This is a strong set of results and we are in a strong financial position, with the resources to continue to selectively invest in growth areas and in our people to provide better returns for shareholders in the longer-term.”