Bowmer & Kirkland’s annual results for the year ending 31 August 2022 were flat, with only minor falls in turnover and profit before tax.
The Derbyshire-based contractor, which was 12th in the CN100 2022 list of leading contractors, generated turnover of £1.15bn, down 2.5 per cent from £1.18bn in the year previous Pre-tax profit also fell slightly from £65.3m to £63.1m.
The company’s net assets grew from £551m to £574m, but net cash fell from £514m to £501m. However, the company said in a statement that its cash balance “remained healthy.”
Operating profit fell 22 per cent to £47m (2021: £60.3m), but a £13m fair value gain on investments boosted the bottom line before taxes
Bowmer & Kirkland chairman Jack Kirkland said the group had achieved “a solid financial performance”.
He added: “Our construction businesses again performed well across all sectors and across all regions. Our construction services businesses had a decent year, as did our national security businesses in both the Kingdom United as in the US.
“In a challenging market, property development through our Peveril Securities arm and our work with joint venture partners were again a key contributor to our returns, with some long-term projects taking term during the year. Our strong cash position allows us to act quickly and we continue to look for equity financing opportunities.”
The results come after Bowmer & Kirkland broke ground last week on the new £45.8m site in Derby, which is part of the city’s “biggest urban regeneration scheme for over 30 years”.
The 3,500-capacity entertainment and events venue (pictured) forms the second phase of Becketwell’s £200m regeneration scheme and will be built on the site of the former Pennine Hotel, Laurie House offices and the multi-storey car park, the Pink Coconut nightclub in Colyear. Street and Padley House in Becket Street.
It will be owned by Derby City Council and leased and operated by ASM Global, a venue management and services company and producer of live experiences.
Completion is scheduled for January 2025.
Bowmer & Kirkland Regional Director Christian Parnell said: “2023 marks the first 100 years of Bowmer & Kirkland and it is timely that we begin work on a major project that will bring life back to an area that was once vibrant and prominent in the city.
“We are looking forward to working with St James Securities, Derby City Council and ASM Global to deliver this iconic venue for the people of Derby and Derbyshire.”
