Profit pushed up at Bowmer & Kirkland as the contractor’s revenue also rose.
Newly published results for the firm showed its pre-tax profit rose to £68.7m in the 12 months to 31 August 2024, up from £53.4m in 2023.
The 2023 profit was down by nearly £10m on 2022, with the company then citing problematic jobs and subcontractor insolvencies.
No such issues were identified in the latest results, which were hailed by chairman Jack Kirkland as “another strong financial performance”.
Turnover at the firm, ranked the 18th largest in the UK in the 2024 CN100, reached £1.29bn, up from £1.24bn in the prior year.
Cash at bank and in hand rose to £485m in the year, from £458m previously, while net current assets increased by £34m to £493.6m.
Kirkland said strengthening the company balance sheet was a priority and “provides comfort to our clients and enables us to be nimble when dealing with acquisition opportunities”.
In March 2024, the company acquired specialist Adcock Refrigeration and Air Conditioning.
Kirkland added: “With our strong balance sheet and excellent staff, we stand well-placed to serve our clients, withstand difficult times and take advantage of opportunities that present themselves in the years ahead.”
While it is well-known as a contractor, the group’s activities also include engineering, property development and providing technology to help fight crime and terrorism through its US and UK-based security business Soncell International.
Kirkland said those activities had “a decent year”, though the results did not break down the turnover generated by the different classes of the business, stating that this would be “seriously prejudicial to the interests of the group”.
Revenue for its US-based activities reached £20.2m in the period, up from £17m in the prior year. The country was its second largest area of operation in the period, with £1.26bn of revenue generated in the UK.
The Bowmer & Kirkland Group, which is headquartered in Belper, Derbyshire, employed 1,962 people in the year, up from 1,684 in the prior 12 months.
Construction News has previously revealed the firm to be the top supplier to the Department for Education for at least three financial years in a row.
In August 2024 the firm was named as part of an alliance that will deliver 16,000 bed spaces for the Armed Forces.
In November 2023 it landed a place on a University of Cambridge framework for a £680m pipeline of work.