Company Snapshot: Mivan Ltd
Published 04/08/2009 | 11:07
Mivan is a Northern Ireland based construction company with a large proportion of its workload and property development conducted outside Northern Ireland, including trading joint ventures in Romania.
Dr Ivan McCabrey is chief executive of the Antrim company that specialises in interiors, theming, general contracting and residential and retail development.
After a reorganisation in 2006, Mivan is now a subsidiary of Mivan (UK) which acts as a holding company for the group.
Despite operating in a highly competitive sector, the results in 2008 showed significant improvements on the earlier years.
Much of the increase in turnover in 2008 is a reflection of the successful expansion of the joint ventures. They accounted for £36m of the increased activity.
Operating profits and pre-tax profits both increased in 2008, reflecting the larger turnover in both the local company and the joint ventures. Shareholders funds as in the balance sheet doubled. This was a result of the addition of retained profits of over £7m and a gain from currency translation differences on foreign currency net investments also of over £7.7m.
Direct employment in the company has fallen in recent years from nearly 500 people in 2005 to an average of 355 people in 2008.
The Defined Benefit pension scheme operated by Mivan has moved from an actuarial deficit of £452,000 in 2006.