Business Irish

Thursday 17 August 2017

Pre-tax profits dip at Northern building group

Pre-tax profits at building and engineering group John Graham Holdings have decreased marginally. Stock picture
Pre-tax profits at building and engineering group John Graham Holdings have decreased marginally. Stock picture

Gordon Deegan

Pre-tax profits at Northern Ireland building and engineering group John Graham Holdings have decreased marginally to £16m (€18.23m).

The 6pc, or £1.1m, drop in pre-tax profit came in spite of revenues at the group rising from £507m to £565m (€644m) in the 12 months to the end of March this year. Numbers employed have risen to over 2,000.

According to the directors, the group "has delivered another excellent year which has seen the successful delivery of a number of technically challenging projects across the business; growth in revenue and improved pipeline across every division whilst delivering strong financial performance".

The directors said the group "is well placed for the future with record order books and a pipeline of opportunity that is strong in both volume and quality".

They added: "Overall, our business units continue to deliver robust performance despite the uncertainties that the current Brexit negotiations bring."

The group last year paid a dividend of £6m, following a dividend of £9m in 2015.

The group's shareholder funds at the end of March totalled £53m. The group's cash during the year increased from £45.7m to £66.6m. The profit last year takes account of non-cash depreciation costs of £2m and a non-cash property impairment of €831,000.

Remuneration to directors last year totalled £1.43m with £355,000 paid to the highest paid director. Staff costs totalled £85.68m.

Irish Independent

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