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Bardsley doubles profits on move into property market

FINANCE

BARDSLEY Construction, the Manchester-based contractor and house builder demerged from the Roland Bardsley Group in July 2005, has reported a virtual doubling in underlying profits and an expansion into speculative housing.

The firm reported a 98 per cent increase in operating profits before interest and tax to £1.18 million for the year ending June 2005 on a turnover up 24 per cent to £32.7 million.

Contracting still makes up the majority of the firm's turnover, but chairman Wayne Bardsley said the demerger and subsequent reorganisation had allowed it to move rapidly into speculative housing. The positive cash flow from the firm's contracting operation made its speculative housing ventures 'a more robust investment opportunity'.

He added the demerger of Bardsley Construction, which had traded for 41 years, had a huge positive effect on morale, creating a 'new start' atmosphere throughout the organisation. The firm entered the current year with over £20 million in contracts and a further 10 speculative development units.

The firm's flagship schemes during the year included Curzon Ashton Football stadium for £3.6 million and the refurbishment of Dukinfield Town Hall for £3.3 million.