Leeds-headquartered engineering and infrastructure services company, NG Bailey, has reported a record year of sales and improved profitability as the contractor celebrates its 104th year in business.
For the year ended 28 February 2025, the group reported turnover of £662 million, up from £600 million last year, generating an improved underlying operating profit of £15 million, up from £11.2 million in FY2024.
The company’s balance sheet also showed growth, with net assets of £141 million (FY2024: £129 million), and cash reserves of £92 million (FY2024: £70 million), with no external debt.
NG Bailey’s newly formed Built Environment division (engineering, facilities services, and EV Infrastructure) also saw year-on-year growth in turnover and profitability.
During the year, the group increased its order book value to £1.6 billion, from £1.4 billion the year prior, with work directly secured via end clients alongside its preferred main contractors.
“It has been a year of stability and progress at NG Bailey, with record sales alongside improved profitability and cash generation,” said chief executive, Jonathan Stockton, at the end of his first year in post.
“This positive financial performance is rooted in our relentless focus on managing project risk and prioritising bottom line returns over top line revenue growth.
“Our criteria for selecting the projects we take on is stringent across the group, which we see as critical in a resource constrained market.”
NG Bailey is prioritising markets that tend to be “more resilient” during economic downturn, such as defence, healthcare, rail, and nuclear.
While Freedom, its electricity infrastructure business, continues to be a major growth driver via partnerships with DNOs and is set to benefit from regulatory investment and decarbonisation initiatives.
Stockton added: “With our service lines and sector focus aligned with the UK’s net zero agenda and critical infrastructure projects, and a reputation across the industry for delivery excellence, we are in a strong position as we embark on our Journey to 2030 roadmap which sees sustainable, long-term growth in the years to come.”
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