AJ Power: Export success with generating sets
AJ Power is a relatively new business now well established in Craigavon. The business is engaged in the fabrication of diesel powered generating sets, many of which are being sold in international markets.
During the last financial year, the company finished a major extension to its premises with the construction of a new high bay, which has added to the overall production capacity and is expected to increase the efficiency of existing production.
Turnover in the year to June 2013 was 23% lower than in the preceding year. The directors comment on the challenges that they were facing in the then current macroeconomic environment.
Offsetting the reduced turnover, the company managed to largely maintain its operating profits, and the gross return on turnover improved from just over 5.1% to 5.7% through 'prudence in the sales and procurement departments.'
Operating profits and pre-tax profits in the year to June 2013 were lower than a year earlier, but still remained higher than those two years earlier.
Last year saw the company engage in a significantly increased investment programme compared to a year earlier.
The company retains a high proportion of its post-tax earnings by adding to its accumulated reserves.
In addition, the directors last year approved an interim dividend which might have cost £708,000. The report notes that, of this amount, only £334,000 was taken by the shareholders and £374,000 was waived and retained in the firm.
Employment increased slightly to an average of 78 people during the year.
AJ Power gained public attention recently when it was adjudged the winner in one category of the Belfast Telegraph Business Awards and this was capped with the award as being the Northern Ireland business of the year.