County Durham-headquartered property, housebuilding and mining firm the Banks Group has increased its turnover and operating profit in its latest financial year while also making substantial investments in the business’s future development.
In its first set of annual results since its sale of its renewable energy division, the family-owned firm has reported turnover of £27.1m for the year ended 30 September 2024, up from £26.3m in the previous 12 months, and a combined operating profit after tax across all its businesses of £11.0m, compared to a £7.2m loss after tax in 2023.
The Banks Group, which recently became Durham Cricket’s new principal partner and took on the naming rights to the Banks Homes Riverside ground in Chester-le-Street, is now looking ahead to celebrating its 50th anniversary of its foundation in Tow Law next year.
Harry Banks, Chairman and Chief Executive of the Banks Group, says: “The group’s performance of our business in 2024 was ahead of the previous year while we focussed 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.”
Launched in 2023, the Group’s dedicated housebuilding company, Banks Homes, is now building a portfolio of high quality 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 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 on further Banks Homes projects in Yarm and North Yorkshire is currently underway, with several new sites 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 continuing to work on a healthy number of projects and targeting planning consent for them at the earliest possible opportunity.
The Group’s mining business, Banks Mining, is continuing to deliver growth 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 from the funds linked to its different operational and planned developments.
Harry Banks continues: “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.
“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.
“Our mining operations are now focussed primarily on the Bantycock Gypsum mine near Newark, where we are delivering a highly efficient and effective operation on behalf of the site owner.
“The Board remains committed to the Group’s longstanding Development with Care approach, which sets standards and is fundamental to how we work and deliver tangible, long-term benefits to the communities in which we operate.
“We are proud to have supported thousands of charitable, community and environmental causes right through our history and to have helped to deliver long-lasting positive changes that make a real difference to people’s lives.”