The Northampton-based organization expressed optimism about the future following a strong performance in the fiscal year ending in October 2023.
There was a notable increase in pre-tax profit, rising by £1.1 million to reach £2.7 million despite a decrease in turnover to £213 million. The success was primarily attributed to the Engineering Services division, which managed to turn a previous loss into a £1.3 million pre-tax profit. Additionally, the other three operating sectors also made positive contributions to the overall profit of the group.
Engineering Services underwent a restructuring process that resulted in significant annual savings. This effort, combined with business streamlining, led to a reduction in the average group headcount from 874 to 812 employees. The division also secured a record forward order book, highlighting its potential for growth in London and the South East.
The company’s financial position improved significantly, with net cash increasing to £19 million from £7 million in the previous year. Net assets also experienced a 7% growth. Briggs & Forrester’s Special Projects arm is expected to achieve substantial growth in the current fiscal year, reaching £27 million. The Building Services Maintenance segment surpassed £20 million in turnover for the first time, indicating continuous expansion.
Meanwhile, Briggs & Forrester’s specialist residential business, Living, capitalized on opportunities in the Midlands and North regions to offset a slowdown in large residential projects around London due to limited investments. Despite this, Living’s forward order book expanded by 39% compared to the previous year.
As the company looks ahead, the strong performance in the recent year serves as a solid foundation for future growth. The record forward order book of £501 million spread over three years provides further support for the organization’s expansion plans.