Banks Group in North East profit doubles to £11million
County Durham-based the Banks Group has reported an operating profit of £11 million for the year ending September 30, 2024, up from a loss of £7.2 million after tax in 2023.
The family-owned company also increased its turnover, rising from £26.3 million in 2023 to £27.1 million in 2024.
This comes after the sale of its renewable energy division.
Harry Banks, chairman and CEO of the company, said: “The group’s performance of our business in 2024 was ahead of the previous year while we focused on its future growth prospects.
“As we approach our 50th anniversary, we remain well placed to deliver good growth and earnings in the coming years from the different investments we are continuing to make.”
In 2023, the company launched its dedicated housebuilding company, Banks Homes.
The company is now building a portfolio of sites across the North East and Yorkshire.
Work on its first site, Symeon Court in Durham City, is now substantively complete, while the first residents have recently moved into their new homes at the firm’s first large-scale development, Cathedral Meadows in West Rainton.
Work is underway on further Banks Homes projects in Yarm and North Yorkshire, with several more set to be brought forward in the coming months.
Banks Homes operates independently from, but alongside, the Group’s property development arm, Banks Property, which is working on a number of projects.
The Group’s mining business, Banks Mining, is continuing to grow from its role as principal contractor at the Bantycock gypsum mine near Newark in Nottinghamshire on behalf of owners Saint Gobain Formula.
Banks has also continued to support community groups and environmental projects across its operating areas by awarding more than 80 grants totalling over £375,000 during 2024.
Mr Banks said: “We have made good progress over the last year in the development of Banks Homes and have a highly experienced management team in place which is focused on delivering our goals.
“We have a healthy pipeline of opportunities in place, as well as a growing number of live sites, and are excited by Banks Homes’ future growth prospects.”
However, Mr Banks said the firm is continuing to see evidence that the current planning system is “unduly slow and unpredictable”.
He added: “Banks Property is working successfully on a large volume of projects, but we are continuing to see evidence that the current planning system is unduly slow and unpredictable, with significant delays across the UK leading to shortages in land available for much-needed new housing.
BIZ
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