Wrightbus is officially back in profit after Jo Bamford’s Ballymena manufacturing operation confirmed a 77% increase in turnover during 2024.
The Bamford Bus Company Ltd swung from a pre-tax loss of £10.2 million in 2023 to a pre-tax profit of £31.1m last year, new accounts show.
Documents published by Companies House reveal the company experienced a dramatic increase in turnover, rising by almost £200m year-on-year to £455.1m.
Sales of buses generated £440m, with the UK market accounting for £378.2m, ahead of the Republic of Ireland, which was worth £68m for the bus-maker.
Sales to Europe doubled in 2024 to £8.9m.
It marked a significant turnaround for the business, which had just 49 employees when Jo Bamford bought it out of administration in 2019.
Now hugely focused on battery electric and hydrogen fuel cell technology, the company has successfully launched low emission single and double deck buses, adding to its core diesel line.
However, the latest annual accounts for the business have disclosed that the Wrightbus performance in 2023 was weaker than previously stated.
According to the documents, which have been audited by Grant Thornton: “The prior year financial information to 31 December 2023 has been restated to correct an error relating to the recognition of revenue.”
The adjustment has revised Bamford Bus Company’s turnover down by £25.7m from £283.4m to £257.8m for 2023.
The result was a pre-tax loss of £10.2m for 2023 instead of the £6.3m pre-tax loss the company previously declared.
The £23.9m in retained profit by the business in 2024 (after tax), allowed the board to recommend a £12m dividend for its shareholders.
According to the 2024 annual report, the Wrightbus workforce increased by 587 last year to 1,876.
It included an additional 478 production workers and 107 new administration roles.
Speaking to The Irish News in February 2024, the outgoing chief executive of Wrightbus, Jean-Marc Gales, said the company was on course to hit 2,000 staff and half a billion pounds in revenue last year.
The Bamford Bus Company Ltd accounts show the company did not hit those milestones in 2024, but in a statement last month, Wrightbus said the manufacturing group’s workforce had reached 2,300.
The considerable ramp-up in employee numbers has resulted in much higher costs for the business.
Overall staff costs rose by 53% in 2024 to £72m in 2024, up from £47.2m the previous year.
Wrightbus will also end 2025 with a new chief executive in charge. In a statement last month, Jo Bamford announced Jean-Marc Gales will transition to deputy chairman of the group from December 1.
He said the Luxembourg native will oversee the company’s strategic global development, particularly in Germany and Malaysia.
Last year saw Wrightbus launch a new left hand drive hydrogen fuel cell bus compliant with German regulations.
The new chief executive of Wrightbus has not yet been named.
Looking ahead, Wrightbus said it expects to increase the number of buses it produces in 2025.
