Help to Buy boosts Barnfield profits
Barnfield Construction has revealed its most recent trading figures, showing a 20 per cent increase in profit.Consolidated accounts published for the parent company Barnfield Group Limited reported group remained at the £65m mark with operating profit up to £5.2m.
Focused efforts have been made to grow their Barnfield Homes brand and has led to increased activity in their residential sector market. This along with development profits on sales of completed industrial stock are the two main contributors to the higher profit margin.The current order book for 2017 stands at £70m and includes contracts for clients such as Really Useful Product Company, Burnley Football Club, Chubb Fire & Security, Thwaites PLC, Boohoo, Euro Garages and Boundary Mill.
The development and pre contract team are currently working with a number of partners and a secure order book of in excess of £65m is expected within the next three months.Cash inflow from operating activities was £8m last year giving a strong balance sheet plus undrawn facilities with a number of funders to invest in new development and investment opportunities. Tim Webber, chairman and managing director of the Barnfield Group, said: “The introduction of the governments’ Help to Buy scheme has been a true asset to the house build industry and over 90 per cent of our house sales are underwritten by the scheme. We’ve really benefited and are grateful for support from innovative forms of finance particularly from Growing Places and Lancashire County Council funding."