Frameworks boost profit as sales surge at Forrest

Grant Prior 13 years ago
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Social housing specialist Forrest has enjoyed increases in turnover and profit thanks to its continued success in winning framework deals.

Results for the year to August 31 2011 show turnover up 30% to £67m while pre-tax profits ticked up 16% to £7m.

Forrest, which is backed by private equity firm LDC, said its forward order book for the remainder of the new financial year is the strongest in its history with more than 90% of forecasted income confirmed.

The environmental services division, Forrest Green, is continuing to experience strong demand in the expanding market for carbon reduction services despite recent concerns over the Government’s Green Deal pledge.

Lee McCarren, Chief Executive Officer, said: “Our three point focus on broadening the scope of our existing long-term framework agreements through complementary new service lines, expanding our geographical footprint across the North and on establishing new client partnerships has helped us to achieve a tenth consecutive year of outstanding growth.

“We’ve maintained significant investment into our capability, capacity and people against a difficult economic backdrop, this investment has prepared us to help meet the emerging needs of our clients alongside the delivery of essential services, helping us to continue on a solid path for future growth.”

Robert Morgan, Chairman of Forrest, added: “Forrest’s sustainable and integrated services model has once again seen it maintain impressive growth and profitability.

“Strong business management and sound financial control together with a commitment to quality delivery has been the key to its success.

“Moving forwards, its balance sheet remains strong providing it with the fire power needed to sustain investment for continual growth and to remain responsive to shifting market dynamics.”

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