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Family-run construction firm Beard has published its full-year accounts for year ending 31 December 2020, revealing a resilient performance for the business.
The results reflect the strong foundation and financial controls within the company that have enabled Beard to face the many challenges presented to the industry across 2020.
The annual report demonstrates that 128-year-old Beard started 2021 in a good position to continue trading strongly. The accounts reveal Beard made £136m in sales in 2020 and £3.5m profit while holding a strong cash balance with zero debt on its books.
Beard completed a total of 31 projects, including the iconic Swindon Carriage Works and a brand-new training facility for Premiership Rugby club Bristol Bears.
The strong financial performance is due in part to Beard’s operational resilience throughout the pandemic, as at the height of the lockdown it continued to work on more than 90% of its sites.
Beard was able to keep those sites open because it was proactive about site safety, implementing the Site Operating Procedures drawn up by the Construction Leadership Council and very supportive approach shown by its supply chain.
Beard has practised careful financial management throughout its history and the accounts show a head of work of £115m at the start 2021. It also continued to win new work, which most recently included: University of Oxford’s Rhodes House development worth £24m and two developments for Signature Senior Living across the South East worth £25m.
Sustainability has long been a focus for Beard and it recently took this a step further by investing in eco-building provider, Green Unit, which produces stand-alone modular units, built with modern methods of construction.
(Fraser Johns, financial director at Beard)
Fraser Johns, financial director at Beard, said: “At Beard we were able to face the challenges raised by the coronavirus crisis with a good level of resilience, thanks to our history and culture of being a responsible business.
“As a result, we were able to deliver for our customers and continue to win new work during the year, ensuring a strong platform for 2021.
“It’s testament to the hard work and dedication shown across the business that we have come through 2020 together and can now look ahead to the rest of 2021, beyond the pandemic, with cautious optimism and confidence.”