North East BusinessLive round-up

Latest news from BusinessLive North East Read in browser by Coreena Ford Wed June 21, 2023 BusinessLive Writer The Banks Group looks to future opportunities This year marks the very first time that The Banks Group's full year results don't include any coal mining activities, coming three years on f

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by Coreena Ford  twitter  Wed June 21, 2023

BusinessLive Writer

The Banks Group looks to future opportunities 

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This year marks the very first time that The Banks Group's full year results don't include any coal mining activities, coming three years on from the closure of its last coal mine.


And thanks to strong trading in its renewable energy and property development divisions the Durham firm is – according to its consolidated results – back to pre-pandemic levels. 


During the Covid-19 pandemic the firm took hits from planning delays, lockdowns and the loss of earning from its mining operations, but with revenues up to £112m from £67m, and operating profit doubling from £18m to £36m, the firm is now more confident for the future, with the group hailing how it is "in an excellent position to maximise the opportunities available from the markets in which we operate".


Looking ahead, alongside a whole pipeline of renewable energy projects, the firm's new regional housebuilding company Banks Homes is set to start work on its first projects, while its existing development subisidary continues its work with UK housebuilders, as it has done for 35 years, so it should be a busy time in the future for the wider group.


Mr Fisher warns of continuing obstacles however, saying: "Despite the welcome growth in revenues for our property business and the significant positive impact that we expect to see from Banks Homes in the coming years, it remains clear that current planning delays are holding back developments across the UK leading to shortages in land available for much-needed new homes."
Read the full story here.

More North East news

Tech leader Martha Lane Fox calls for business resilience in face of 'huge challenges'

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Tech entrepreneur Martha Lane-Fox was in the North East yesterday, urging an audience of businesses to draw on the resilience they have shown over the recent period of political turmoil to make a difference in society.


Speaking at a meeting of the North East England Chamber of Commerce - and in her role as president of the British Chambers of Commerce - Baroness Lane-Fox said the turmoil of recent years had led to a "collective holding of breath" in which businesses are holding back investment decisions, to the detriment of the economy.

The co-founder of lastminute.com and one-time Government digital champion called on the businesses at the event to embrace digitisation and other forms of technology that could make companies more productive.


But she also highlighted the need for business leaders to do more to broaden diversity in their operations, and to become more sustainable at a time of environmental challenges and people living ever longer lives.


She said: "I do think that we underestimate what we can do as a country. I meet so many incredible, resilient business, despite the challenges that we're facing with political uncertainty, inflationary uncertainty, huge challenges. I don't underestimate the complexity that we're operating under."

Read Graeme Whitfield's full story here.

Business news from around the regions

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North East deals of the week: key contracts, investments and acquisitions

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Companies featuring in this week's round-up include Vaulkhard Group, Go-Ahead Group, Book Health, Fairstone and Solution Performance Group. Read the full story here.

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