M&E specialist Briggs & Forrester set for 25% growth

The Northampton-based group was upbeat about prospects after posting improved results in the year to October 2023.

This saw pre-tax profit rise by £1.1m to £2.7m from a reduced turnover of £213m.

The main Engineering Services business drove the recovery after it reversed the loss in the previous year, delivering a £1.3m pre-tax profit with the other three operating businesses contributing positively to group profit.

A restructure of Engineering Services to two regions brought annualised savings.

Following business streamlining average group headcount fell from 874 to 812 staff.

The division also secured a record forward order book supporting ambitions to increase the group’s profile in London and the South East.

Group finance director Jeremy Askew said the significant turnaround in performance had provided the platform for a strong growth phase, supported by a record forward order book of £501m spread across 3 years.

Net cash significantly improved to £19m from £7m in the previous year with net assets growing by 7%.

Briggs & Forrester’s Special Projects arm is forecast to grow significantly in the current year to £27m, as its differentiator of principal contractor and repeat client focus bears fruit.

The Building Services Maintenance business continued to expand having topped £20m turnover for the first time.

Briggs & Forrester’s specialist residential business Living secured several good opportunities across the Midlands and North, offsetting the slowdown in opportunities for large residential schemes in and around London, affected by a lack of investment.

Overall Living’s forward order book grew by 39% against the previous year.