Wed, 14 Aug 2019 | BUSINESS SALE
Engineering and services group NG Bailey’s strategic acquisition of its counterpart, Freedom, in March 2018 has allowed the company to boost its turnover by 16 per cent as a result of its ability to diversify into new sectors and expand its range capabilities.
NG Bailey reported a turnover of £556 million for the year ending 1 March 2019, which was up from £481 million from the previous year. The company also showed in its accounts an increase in profit from £13.7 million to £19.4 million over the same period.
In addition to this, the group demonstrated a growth in its order books from £1 billion to £14 billion.
David Hurcomb, the chief executive of NG Bailey, said: “We have continued to deliver against our five-year strategy to achieve a balance in the business across our Engineering and Services divisions.
“The success of this plan is reflected in a strong operating performance that has continued to improve year-on-year.
“Our acquisition of Freedom has been key in allowing us to expand our capabilities in sectors including defence and airports, as well as establishing a new presence in the electricity distribution network market.
“We have also gained a wealth of new knowledge and experience from the talented members of Freedom who have now joined the NG Bailey Group.
“All businesses in the construction sector are operating in a challenging environment, but we believe our solid financial position, and our continued investment in our people, puts us in a good position to weather any future economic uncertainty.”
Some of NG Bailey’s contracts have included the redevelopment of London Bridge Station, North Tees and Hartlepool NHS Foundation Trusts Hospitals, and the Grosvenor House renovation in Sheffield city centre.
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