B&K says focus remains on strengthening balance sheet to give confidence to clients
Profit at Bowmer & Kirland rebounded last year after being hit by the impact of inflation and subcontractor failures in the previous 12 months.
In accounts now filed at Companies House, B&K said pre-tax profit was up a third to 拢69m in the year to August 2024 with income up 4% to 拢1.3bn. Operating profit was up 46% to 拢35m.
In a note accompanying the accounts, chairman Jack Kirkland said: 鈥淎 priority of mine and the board鈥檚 is to continue to strengthen our balance sheet which provides comfort to our clients and enables us to be nimble when dealing with acquisition opportunities.鈥�
B&K said its year-end cash balance was up 6% to 拢485m.
During the year, the firm opened three new offices in Bristol, Cambridge and Glasgow and spent close to 拢23m on acquisitions including 拢20m on Cambridge-based Adcock Refrigeration and Air Conditioning.
The number of employees at the business during the year rose 17% to 1,962.
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