Barnfield Construction has increased profit by 20%, the Lancashire firm has reported in its recently published consolidated accounts. Turnover remained steady at £65.2m, with profit climbing to £5.2m.
The business said that a focused effort had been made to grow the Barnfield Homes brand, with the other main contributor to increased profitability being development profits on sales of completed industrial stock.
Barnfield’s 2017 order book stands at £70m and includes contracts for clients such as Really Useful Product Company, Chubb Fire & Security, Thwaites, Boohoo.com, Euro Garages, Boundary Mill and Burnley FC, for which Barnfield has this year delivered a training centre.
In June, Barnfield’s joint venture with Henry Boot Developments applied for planning permission on an 11.5-acre mixed-use scheme in Huyton
The firm said it is working to develop its pipeline further, with £65m of secure orders expected within the next quarter. Barnfield said it currently has undrawn facilities with a number of funders to invest in new development and investment opportunities.
Tim Webber, chairman and managing director of the group, credited government policy for the upturn in Barnfield’s residential work. He said: “The introduction of the government’s Help to Buy scheme has been a true asset to the housebuilding industry and over 90% of our house sales are underwritten by the scheme.
“We’ve really benefited and are grateful for support from innovative forms of finance particularly from Growing Places and Lancashire County Council funding.”