Forrest sales leap 30%
Social housing contractor Forrest said turnover and profits both showed strong rises in the year to the end of August 2011.
Preston-based Forrest put the performance down to 'growth from new and existing framework agreements, in addition to successful new service lines'. Sales rose 30% to £67m and pre-tax profit was up 16% to £7m.
During the year, Forrest launch an environmental services division, Forrest Green, fitted new IT infrastructure for its operational teams and opened a regional service centre in Bolton.
Forrest, which is backed by private equity firm LDC, says that its forward order book for the remainder of the current financial year is the strongest in its history with more than 90% of its annual target already confirmed.
Lee McCarren, chief executive officer, said: "Our three-point focus on broadening the scope of our existing long-term framework agreements through complementary new service lines, expanding our geographical footprint across the North and on establishing new client partnerships has helped us to achieve a tenth consecutive year of outstanding growth.
"We've maintained significant investment into our capability, capacity and people against a difficult economic backdrop, this investment has prepared us to help meet the emerging needs of our clients alongside the delivery of essential services, helping us to continue on a solid path for future growth."
Robert Morgan, chairman of Forrest, added: "Forrest's sustainable and integrated services model has once again seen it maintain impressive growth and profitability. Strong business management and sound financial control together with a commitment to quality delivery has been the key to its success.
"Moving forwards, its balance sheet remains strong providing it with the fire power needed to sustain investment for continual growth and to remain responsive to shifting market dynamics."
Forrest, previously Herbert T Forrest, was established in 1955 as a joinery and manufacturing firm in Preston.