At group level, NG Bailey made an underlying operating loss of 拢2.7m (compared to a 拢19.8m profit the previous year). Turnover fell to 拢507m, down from 拢573m the previous year).
NG Bailey Limited made a pre-tax loss of 拢10.2m (2020: 拢16.6m profit) on turnover down 12% to 拢294.1m (2020: 拢334.9m). There were net exceptional costs of 拢2.0m relating to redundancy payments to the 8% of staff that were let go after the first national lockdown came in spring 2020, plus the cost of topping up salary payments to furloughed employees.
Temporary site closures, access restrictions, productivity challenges from social distancing measures and delays/cancellations of projects all took their toll on the business.
Net group assets at year-end were 拢141.8m, including cash and investments of 拢85.8m.
However, the directors say that the company is 鈥渆xceptionally well placed to deliver on its strategic business plan鈥� and that its diversified strategy, solid market positions across targeted sectors and strong balance sheet positions the business for further growth.
Chief executive, David Hurcomb said: 鈥淚n what is NG Bailey鈥檚 centenary year, it is pleasing to look forward with confidence and optimism as the UK economy and construction industry continue to recover from the Covid-19 pandemic.
鈥淥ur ongoing strategy of achieving a balanced business across our Engineering and Services divisions is supported by a 拢1.2bn forward order book, made up of a diversified opportunity pipeline which focuses on key UK recovery sectors and puts us in a strong position.
鈥淭he UK government鈥檚 commitment to infrastructure spending and its decarbonisation targets, coupled with our leading reputation in key sectors, where we see significant growth opportunities over the next five years, allows us to remain confident that the markets in which we operate are resilient and that we are in a strong position to benefit.
鈥淎dditionally, in the current trading environment, one of our key differentiators is the strength of our balance sheet. We are committed to making further investment in our target areas of work and in our people, to ensure our business remains sustainable and thrives over the longer term.鈥�
Got a story? Email news@theconstructionindex.co.uk
