County Durham based renewable energy firm celebrates “impressive” £36m growth

County Durham headquartered renewable energy, property development and mining firm The Banks Group is making strong progress across all its business areas after more than doubling its operating profit over its latest financial year.

In the family firm’s first set of annual results since the closure of its coal mining operations, it has reported a combined operating profit of £36m across all its businesses for the financial year ending 30 September 2022, up from £18m the previous year.

Overall group sales for the year rose by around two-thirds, up to £112m from £67m in the previous period, and are expected to remain robust during 2023.

Since the end of its last financial year, the business has launched a dedicated regional housebuilding company, Banks Homes, which will see it building its own houses for the first time on sites of all sizes across North East England and Yorkshire.

Banks Homes operates independently from, but alongside, the company’s existing property development arm, Banks Property, and is looking to acquire sites from other developers as well as identify its own market opportunities.

Banks Property is continuing to work with many of the UK’s best-known housebuilders, as it has done successfully over the last 35 years, while work on Banks Homes’ first two projects, at Mount Oswald in Durham City and West Rainton in County Durham, is set to start later in the year.

Banks has also continued to support community groups and environmental projects across its operating areas during the year by awarding more than 140 community grants totalling over £664k from the funds linked to its different operational and planned developments.

Simon Fisher, group finance director at The Banks Group, says: “In line with our expectations, the performance of our business in 2022 was much stronger than the previous year, with all parts showing impressive growth compared to 2021.

“The Board believes that the Group is in an excellent position to maximise the opportunities available from the markets in which we operate and to achieve continuing profitable growth.”

As part of the development of its Kype Extension wind farm in South Lanarkshire, Banks Renewables recently completed the construction of its 100th wind turbine. Once operational, this latest site will bring the number of operating sites across the North of England and Scotland to 11.

By Matthew Neville – Senior Correspondent, Bdaily

• Add me on LinkedIn and Twitter to keep up to date
• And follow Bdaily on Facebook, Twitter and LinkedIn
• Submit press releases to editor@bdaily.co.uk for consideration.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →