Beard grows in face of pandemic with £1.4million profits

BRISTOL construction company Beard saw profits rise in the first half of 2020 despite challenges posed by the coronavirus pandemic.

The 128-year-old family-run firm, which published its financial results for the first time, saw pre-tax profits of £1.4million for the six months ending June 30.

The business said it completed 31 projects between March and June – despite the national lockdown – including the Swindon Carriage Works and a new training facility for Premiership Rugby club Bristol Bears.

The company ended the period with zero debt on its books and its cash balance up £7.9million to £37.4million.

Sales for the period in the first half of the year amounted to £72million and Beard said it had a head of work of more than £100million going into 2021.

The company said its strong financial performance was due, in part, to a strategic approach to operations during the pandemic, which saw it continuing to work on more than 90 per cent of its sites at the height of the first lockdown.

Chairman Mark Beard said: “The situation with Covid-19 is continually evolving. It has never been more difficult to predict the year ahead. However, we are confident that these results demonstrate our financial resilience and the long-term sustainability of the business.”

Mr Beard said the company could look to 2021 with a “good level of confidence” after winning some “significant contracts” such as Rhodes House – part of the University of Oxford – and the Signature Care Home developments.

Beard said it was “well positioned” for the future and its finances were “robust enough” for it to continue trading strongly.