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Company Snapshot: Henry Group (NI) Ltd.

Build firm weathering storm

By John Simpson

The Henry Group, based in Magherafelt, is one of Northern Ireland's larger locally owned and controlled construction firms.

It recorded its highest annual value of turnover, £102m, in the year to March 2009. Then in the two following years annual turnover fell sharply.

More recently in the year to March 2012 turnover has recovered although it is still well below the earlier levels in 2009.

Employment in the group averaged 545 people in 2009 which was then the highest level achieved in a five-year period. Employment numbers, reflecting changes in turnover, fell to an average of 352 in 2011 and have increased in 2012 to 377.

In January 2012 the group purchased the share capital owned by Mr J Henry, then chairman, for a consideration of £1.45m. This change impacted on the balance sheet value of shareholders' funds which, unusually, fell to £15.6m at March 31.

The group consists of the parent company and six smaller trading subsidiaries. The subsidiaries include FBMcKee and Henry Brothers, as well as Rollformed Fabrications and Windell Ltd registered in Northern Ireland, and BSF Ltd registered in England.

Operating profits in 2011-12, at £0.98m, improved on the £0.4m recorded in 2010-11. However, operating profits remained below the higher figures recorded in 2009.

Pre-tax profits at £1.2m were larger than operating profits because of an increased contribution from net interest receipts. Pre-tax profits were 74% higher than a year earlier.

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