Profits up at Bowmer & Kirkland
Contractor Bowmer & Kirkland, working on projects in the region including Manchester’s Landmark, Salford’s Two New Bailey, and an overhaul of Crewe town centre, has posted increased pre-tax profit and revenue of nearly £1bn in its latest annual results.
The company, headquartered in Belper, Derbyshire, reported a revenue of £928m for the year to 31 August 2017 and a pre-tax profit of £64.4m, leaving it with a pre-tax profit margin of 6.9%. This compares with a revenue of £931m and a pre-tax profit of £61.5m a year earlier.
Projects the contractor has secured in the last 12 months include a deal to build an 18-storey student tower at Bruntwood and Select Property’s Circle Square in Manchester; as well as Unite’s 32-storey tower on New Wakefield Street, designed by architect SimpsonHaugh.
It has also started work on Two New Bailey for English Cities Fund in Salford, which will provide 190,000 sq ft of offices, after delivering the neighbouring One New Bailey last year.
Another 180,000 sq ft office project, the Landmark next to One St Peter’s Square, is currently progressing on site ahead of completion in August 2019.
Elsewhere in the North West, the company is also working on a £48m scheme to overhaul Crewe town centre through its Peveril Securities business. This will include an eight-screen cinema, gym, restaurants, shops, and a new bus station.
Company chairman John Kirkland said : “The upturn we saw in the construction market last year was maintained in this financial year and once again this year the coming to fruition of long-standing development joint venture projects made a key contribution to our strong performance.
“We continue to seek out equity funding opportunities and our strong cash position enables us to act on these quickly.”
The company reported a year-end net cash position of £316m, up from £268m; while net assets rose by 11.4% to £401m. It employed 1,319 staff at year-end.