M&E group announces plans to increase penetration in maintenance and facilities management
Privately owned M&E firm NG Bailey intends to expand its maintenance and facilities management operations after a rise in underlying profit of more than one third.
It reported an operating profit of 拢12.1m for the year ended 2 March 2007, up from 拢8.8m the previous year. Turnover fell 5% from 拢491.9m to 拢466.7m.
This was despite the controversy that surrounded the company after video clips appeared on YouTube of workers in NG Bailey vests setting one another alight.
The company said this had not affected results, despite the decision of supermarket chain Morrison to suspend its contracts with the firm.
Mark Andrews, NG Bailey鈥檚 chief executive, said he planned to expand the business鈥 maintenance and facilities management work. Andrews said he wanted to increase these sectors from 20% to 30% of workload.
He said: 鈥淲e鈥檒l look to strengthen our offerings in these sectors organically and through acquisition. The responsible thing to do is to be interested in the whole life of buildings.鈥
Andrews said the results were 鈥渋n line with expectations鈥, although pre-tax profit fell slightly, from 拢19.7m to 拢17.7m, largely because of the impact of a disposal on the previous year鈥檚 accounts.
He added that although high copper prices were 鈥渦nhelpful鈥, the company had prevented any dramatic impact by fixing prices well in advance.
As part of a restructure, three divisional managing directors have been appointed at Bailey, NG Bailey鈥檚 largest subsidiary.
NG Bailey鈥檚 2007 results
Operating profit 拢12.1m (2006: 拢8.8m)
Pre-tax profit 拢17.7m (2006: 拢19.7m)
Turnover 拢467m (2006: 拢492m)
Postscript
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