Banks Group will ‘recover strongly’ as coal mining ends

Author - Helen Cartwright

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A family-owned renewable energy and property firm has seen earnings fall – but it says it “remains well placed to deliver strong growth” as new ventures replace historic mining operations.

County Durham-headquartered Banks Group’s operating profit dipped to £18 million in the year to September 30, as the end of coal work was compounded by planning delays and COVID–19 disruption.

However, officials say the firm is primed to “recover strongly”, thanks to its energy and property businesses.

The company delivers onshore wind farms, with its developments including a site at Lambs Hill, close to Stillington, near Stockton, while its housebuilding arm is working on estates across the region and farther afield.

Simon Fisher, group finance director, said: “The performance in 2021 was transitionary. “But development work continues to bring forward new onshore wind farms, and renewable technologies, including solar power, and battery storage and small-scale flexible power generation (are also) under development.

“In addition, we have a substantial portfolio of land suitable for new housing developments, as well as a strong project pipeline, and are continuing to expand throughout the North of England, Yorkshire and Scotland.”

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