Bardsley order book 73% of annual target

Turnover at Bardsley Construction was £29.1m for the 17 months to the end of December 2011, the company reported this week.

The extended reporting period reflects the fact the Dukinfield-based contractor was reorganised under a new holding company Bardlsey Construction Holdings in May 2011. The results include eight months of Bardsley Construction trading performance.

Profit before tax and exceptional items for the 17-month period was £859,000 and the business had net cash in the bank of £4m as of 31 December 2011, with a £2m overdraft and £5m three-year loan at 3% above LIBOR. Net assets at 31 December 2011 were valued at £2.4m. No dividends were paid.

The directors' report describes the increasingly competitive market and 'tightening of margins…as tenders are heavily fought over'.

The group has eight framework agreements with a combined value of £1.4bn with Bradford University, Northern Diocese, Wigan & Leigh Housing, YORBuild, Chester & District Housing Trust, ICNW, Riverside Housing and Procure Plus.

The group has an 86% repeat customer base in the current order book. The contracting order book is worth £31m as at May 2012, equivalent to 73% of targeted turnover for 2012.

Bardsley Construction is also developing a new financial model called Genesis which aims to match public sector contracts with private sector funds, which Bardsley will benefit from. The directors said Genesis Equity, a new company founded in 2011 by Bardsley, has a 'pipeline of potential projects standing at £600m'.

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