Year of investment sees firm's overall profit rise

NORTH East housebuilding, mining and property company The Banks Group has increased its turnover and profit in a year of substantial investment.

- COREENA FORD Business Reporter [e-mail]

The Durham business has posted its first set of results since selling its renewables division, with figures for 2024 showing turnover rose from £26.3m to £27.1m, and overall profit for the year increased from a loss of £7.2m to profit of £11.02m.

Meanwhile, the previous year's operating loss of £8.5m was narrowed to £5.1m.

Accounts showed that turnover within its mining and minerals division rose from £15.3m to £16.6m, with operations now focused primarily on the Bantycock Gypsum mine near Newark, in Nottinghamshire, on behalf of owners Saint Gobain Formula.

Launched in 2023, the group's dedicated housebuilding company, Banks Homes, is building a portfolio of sites across North East England and Yorkshire. Work on its first site, the exclusive Symeon Court development at Mount Oswald in Durham City, is now almost complete, while the first residents have recently moved into new homes at the firm's first large-scale development Cathedral Meadows in West Rainton.

Work on further Banks Homes projects in Yarm and North Yorkshire is currently under way, with several new sites set to be brought forward in the coming months.