Employee-owned Lancashire contractor doubles pre-tax profit

Construction firm Barnfield has seen its pre-tax profit double in its latest accounts.

The Lancashire-based firm saw profit before tax rise from £2.9m to £5.8m last year.

In its accounts for the year ending 31 December 2024, the firm also reported a 13 per cent increase in turnover from £73.2m to £82.5m.

In its directors statement it revealed its order book for 2024 had £70m of contracts, which it expects to increase.

“This along with a number of other contracts we expect to be awarded shortly means we have budgeted for turnover in excess of £80m for the forthcoming year,” it said.

The firm reduced its staff count over the period from 111 employees to 106 but saw its wage bill rise from £5.1m to £5.9m.

It paid out almost double the amount of dividends compared with the year before, with £5.2m compared with £2.5m paid out over the previous period.

The firm’s cash at bank rose to £12m from £4.3m the previous year and it had one bank loan of £700,000.

Last year, the 49-year-olld firm announced it was transitioning to an Employee Ownership Trust, with 60 per cent of the company’s shares being transitioned to the trust while original founders the Webber family retained a 40 per cent stake.

Chairman Tim Webber said at the time: “The shift to Employee Ownership Trust status marks a significant milestone for us. We believe that empowering our employees to become owners will not only enhance our workplace culture but drive our success as a company.

“The Webber family will remain a vital part of the business beyond this transition and are committed to ensuring that Barnfield Construction and subsidiary group companies continue to be leaders within the industry.”

This year, Barnfield landed a place on a £300m growth and development framework contract with Blackburn and Darwen Council, alongside fellow contractors Seddon, Casey, Eric Wright and I&H Brown.

Barnfield’s portfolio of completed projects also includes a £15m redevelopment of industrial units in Manchester and a £5m job to build an Aldi supermarket in Hyndburn.

This year saw the opening of its £32m joint venture to renovate and redevelop the historic Grade II-listed Brierfield Mill in Pendle.

Barnfield has also started work on creating a state-of-the-art manufacturing research centre in Darwen that is part of a £100m regeneration scheme.