Company Snapshot: Acheson and Glover Group Ltd
Quarrying group racks up losses as building sector hit
Acheson and Glover Group consolidates the results for Acheson & Glover, Acheson & Glover Precast, Vhar (formerly Acheson & Glover (Ireland) and Regrow Ltd.
The registered offices are based in Fivemiletown, Tyrone, although the group operates from several different locations.
Principal activities include quarrying and the manufacture of bricks, blocks, limestone aggregates, granulated lime, ready-mixed concrete, manholes, hollowcore flooring and pre-cast concrete products.
The group has experienced a large reduction in turnover in each of the last two reported years which the directors describe as expected in the changing market for the construction industry and for construction materials. After doubling turnover from £33m in 2005 to £64m in 2009, it has fallen by over 40% from 2009 to 2011.
The trading impact of the change in market conditions has been reflected in an annual operating loss in each of the last three years, ranging from £4.9m in 2009 to £3.1m in 2011. The change in the pre-tax profit/loss position has been even sharper. In the year to February 2011, exceptional costs and impairment of assets increased the pre-tax loss by £10.8m, taking the total loss to just over £15m.
A reduction in the balance sheet value of assets of just over £7m was recorded. The consequential impact of these changes was that the balance sheet value of shareholders' funds fell from nearly £4m in February 2009 to a negative value of nearly £27m in February 2011.
Employment in the group averaged 497 people in 2010-11, well down from the peak figure of 749 in 2007-8.
The directors, looking forward, believe that 'the group is in a good position to weather the current economic turmoil and to emerge stronger relative to the firm's competitors.'