The Banks Group has made strong progress in its return to pre-pandemic levels after seeing revenues almost double in a year.
The Durham based renewable energy, property development and mining firm has reported consolidated annual figures for the first time since the closure of its coal mining operations, posting a combined operating profit of £36m across all its businesses for the financial year ending September 30 2022, up from £18m the previous year.
The Banks Group’s 2022 results are the company’s first that do not include any trading activities from coal mining, with production at its last coal mine having ceased in 2020. Overall consolidated group sales for the year rose by around two-thirds, up to £112m from £67m in the previous period – figures which are on a par with pre-pandemic sales levels of £109m which the family firm reported for the financial year ended September 2019.
