Sligo pitch maker's UK operation scores five-fold profit improvement
Pre-tax profits at the UK arm of the Sligo sports group that installed the stadium pitch for last year's World Cup final in Russia have increased five-fold to £3.2m (€3.4m).
New accounts filed by George Mullan's Support in Sport Group UK Ltd show that its pre-tax profits soared after revenues increased by 25.5pc to £31.64m from £25.19m over the 12 months to the end of December last.
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The UK-based Support in Sport Group is part of the SIS Pitches group.
The company last year designed, constructed and installed six of the 12 stadium pitches for the Russian tournament.
They included the pitch for the Luzhniki Stadium in Moscow, where the opening match and opening ceremony, along with the World Cup final, were staged. The company counts Barcelona and Real Madrid as two of its many blue-chip clients and, previously, SIS has provided pitches for the European Champions League and the Six Nations rugby tournament.
The business paid out dividends of £467,905 last year, after paying no dividend in 2017.
Regarding its future developments, the directors said that the business would continue to benefit from the momentum that it has built up over the past number of years, and throughout 2018, to drive growth in 2019.
"It therefore expects to be able to achieve, and has targeted, further increases in turnover and profit for the current year," the directors said.
At the end of 2018, the firm had net assets of £6.3m, while its cash pile increased from £549,379 to £1.089m.
The profit takes account of non-cash depreciation costs of £620,031.
A breakdown of the business's revenues shows that £26.9m was generated in the UK; £3.26m in the rest of Europe; and £1.46m in the rest of the world.
Numbers employed decreased from 108 to 102, with staff costs increasing from £3.12m to £3.96m.