The formerly family-owned and Enniskillen-based Fisher Engineering was taken over by Severfield-Rowan plc in October 2007. The parent company, is now Action Merchants Ltd.
The company continues to specialise in constructional steelwork extending to design, fabrication and the erection of structural steelwork. Trading conditions in 2009 were described, in common with other businesses in the construction sector, as difficult. Turnover in 2009 was 16% lower than the preceding year although even at £56.6m it was higher than in any other earlier year.
Fisher Engineering has a very small reliance on borrowed funds so that its operating profits and pre-tax profits are similar and show the same year to year changes. Operating profits were the highest of recent years in 2008. In keeping with the reduced overall turnover, operating profits in 2009 fell by 14% while pre-tax profits were 16% lower.
Anticipating the trading position in 2010, the company has reported that it has a strong order book and, despite the impact of the current recession, the company is expected to deliver a strong performance based on its inherent strengths and long-standing client relationships.
In 2009, the company made only a small dividend payment of £0.5m to the new shareholder.