Beard reports strong 2019 performance
26th March 2020
Family-owned construction firm Beard has reported a strong financial performance in 2019, continuing the sustainable growth the firm has delivered in recent years. Pre-tax profits rose to £5 million, an increase of 8% on 2018, while turnover increased by 6% to £159 million.
Beard chairman Mark Beard commented: “Our strong performance is a tribute to the hard work of all our staff and supply chain. “I am particularly pleased that we have been able to reward our extremely supportive supply chain by reducing average invoice payment times from 29 days to 27 days. The active support of our supply chain has been central to the successful delivery of our projects.”
The results come as the Covid-19 pandemic is having a serious impact on the construction industry. Beard commented: “Safeguarding the health and safety of staff and contractors is of paramount importance to us. We are taking all necessary steps to ensure we minimise the risk posed by the ongoing Covid-19 outbreak, in line with guidance from the Government and the Construction Leadership Council.
“We are in constant dialogue with clients, our supply chain and our wider stakeholder group to ensure they are fully apprised of how we are managing what is an unfolding situation.
“At a time like this, financial results seem relatively insignificant. I am confident, however, that our strong balance sheet means we are well placed to weather the coronavirus storm.”
Highlights of Beard’s 2019 performance included:
- completion of the award-winning South Lodge Spa, a £14 million project for the construction of a 44,000 sq ft luxury spa in Sussex;
- construction of new toll-houses for the iconic Clifton Suspension Bridge in Bristol;
- delivery of a brand-new 72-unit accommodation building for students at Somerville College, Oxford;
- completion of the Dyson Institute of Engineering and Technology’s new roundhouse campus in Malmesbury, Wiltshire; and
- receiving the Investors in People (IIP) Health & Wellbeing Good Practice Award, to go alongside the IIP Gold Status the firm has held since 2011.