NG Bailey sees dip in turnover

Source: Construction Digital

Date :29/08/2007 09:02:49

NG Bailey - the M&E group - has seen a dip in turnover to £470 million last year as a result of delays in contract commencement.

The latest figures cover the 12 months to 2 March 2007. In the previous period there was a £20 million profit from turnover of £490 million.

The company said: “Sales and profit showed a small decline as predicted. This was caused by delays in contract commencement, and the resulting point in the contract cycle reached at the year-end.”

A total of £6.2 million special payments were made to tackle the pension scheme’s funding problems, in addition to the normal payroll costs.

The group’s 3,800 employees divide between two main groups, with 2,100 who are hourly paid and 1,700 in management and administration.

The employees’ payroll pension provision cost Bailey a total of £5.8 million.

The highest-paid director took home £700,000. His previous year’s figure was restated at £480,000 which represents a rise of £200,000 over the figure previously published, the add-on being a two-year reward from his long-term incentive plans.

Two special payments put into the employees pension scheme in 2005 cost a total of £11 million. In February this year another two payments also went in, at a total cost of over £6 million.

The pension scheme is carrying a latest deficit figure of £27 million as a result of liabilities running to £180 million and assets of £153 million. Two years earlier, the deficit was put at £33 million.

August 29 2007