Derbyshire-based Bowmer & Kirkland is on the lookout for new joint ventures following a record year of profit for 2016 as revenue for the group edged towards £1bn.
In the group’s latest results for the year to 31 August 2016, pretax profit was up 53% to £61.5m from £40.2m in 2015 while turnover jumped by 10% on the previous year to reach £931m.
Speaking about the results, chairman John Kirkland said there had been a reassuring upturn in the construction sector over the past few months and that the company would look to invest in more joint ventures in the coming year.
“Our strong cash position provides a major advantage enabling us to provide equity funding to finance developments and invest in joint venture arrangements when they arrive,” said Kirkland.
“We are pleased with the contribution our property joint ventures have made and are actively looking for more opportunities.”
Elsewhere the accounts showed net cash at year-end of £268m, an 8% increase on the year before. Over the year the firm’s headcount also rose by 3% to 1,337.
Of the group’s most recent joint venture projects, just before Christmas it announced a JV, Urbo Regeneration, to deliver the £175m West Bar Square in Sheffield.
Peveril Securities, the development arm of Bowmer & Kirkland, teamed up with Urbo for the mixed-use development.
