For the year ending 1 March 2024, the engineering and services business reported annual turnover of £600 million, up from £532 million in 2023, with an underlying operating profit of £11.2 million. In 2023, the company made a loss of £17.3 million.
NG Bailey has net assets of £129 million, up from £121 million in 2023. That includes cash and investments of £70 million and, since the end of March 2023, the company has no external debt.
The group’s order book has increased to £1.4 billion, with the company stating its growth has been driven by the performance of its services division which delivered record levels of profitability for the second year in a row.
NG Bailey’s engineering division also returned to profitability, supported by a renewed focus on governance, quality margins and risk management, led by a refreshed leadership team.
Jonathan Stockton stepped into the role of chief executive on 1 June 2024 following David Hurcomb’s retirement after 14 years of leadership. Stockton (pictured) joined NG Bailey in 2016 and has held several senior roles within the business, most recently as chief operating officer.
Stockton commented, “NG Bailey is in a strong position as we continue to execute our diversified business strategy, the success of which is evidenced by our return to profitability even in the face of tough trading conditions.
“This is testament to our high-quality order book and our market leading capability to provide services across building construction, infrastructure, and services, alongside the quality, expertise and commitment of our teams and experienced management.
“With a growing pipeline of work in recession-proof markets and strong credentials in the energy and decarbonisation sectors, we have confidence that we will be able to successfully deliver our growth plans, with a clear route to pre-pandemic levels of trading and beyond.”
Hurcomb will remain within the business until a small number of commercial matters on legacy contracts are resolved.