For the year to 25th February 2022 NG Bailey made a pre-tax profit of 拢3m, turning around the previous year鈥檚 拢4.4m loss.
Annual turnover was broadly unchanged but down slightly at 拢500m (2021: 拢507m).
Earnings before interest, taxation, depreciation and amortisation (Ebitda) was 拢7m (2021: 拢3m) with an underlying operating profit of 拢800,000 (compared with a loss of 拢2.7m in 2020/21).
The balance sheet shows net assets of 拢147m, including cash and investments of 拢79m. The order book stands at 拢1.2bn.
NG Bailey鈥檚 Services division delivered an underlying operating profit, excluding goodwill amortisation, of 拢7.1m. Turnover for the division now accounts for almost half of the overall group.
However, the Engineering division posted an operating loss of 拢5.1m. It now has a three-year business designed to get it back into profit.
Chief executive David Hurcomb said: 鈥淣G Bailey has made a strong recovery following the pandemic, evidenced by our return to profitability. This demonstrates the strength of our diversified business plan, which is increasingly important given the challenging economic environment driven by inflationary pressures and skilled labour shortages.
鈥淲ith a high-quality order book, further opportunities for repeat income and the UK government committing to drive economic recovery through substantial investment in infrastructure and decarbonisation, we look forward with confidence to returning to pre-pandemic levels of trading in the medium-term. This is further backed by a growing pipeline of work in recession resilient markets.
鈥淕iven the current trading environment, the strength of our balance sheet remains one of our key differentiators as our customers look for stability in their supply chains. With our market leading capability to provide services across the whole built environment lifecycle, we are well positioned to not only face any short-term challenges but also successfully deliver our strategic growth plans.鈥�
He added: 鈥淲hilst the pandemic had a material effect on operations and there are some new market headwinds to navigate, the group is on track with its plan. We have an excellent reputation, extensive operational skills, strong balance sheet and experienced management team.鈥�
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