Company Snapshot: Mivan (UK) Ltd
Building firm sees profits hit £7m
Mivan (UK) is a Northern Ireland based construction company with a large proportion of its workload and property development formerly conducted outside Northern Ireland, including trading joint ventures in Romania and a branch in Egypt.
The company is an international specialist contractor which specialises in interiors, theming, general contracting and residential and retail development.
Despite operating in a highly competitive sector, the directors report that in the most recent year the business continued to perform as expected.
In the most recent year there was a further restructuring which led to the disposal of certain assets and liabilities which had the effect of adding a profit of over £7m.
Operating profits and pre-tax profits were restored in the most recent year after two earlier years when losses were in evidence. The directors have taken appropriate professional advice to ensure that the group is properly managed as a going concern.
Shareholders' funds in the balance sheet fell sharply in June 2011 to a net deficit of over £11m. The improved trading position more recently, along with the addition of the profit on the disposal of assets and liabilities, meant that this deficit has reduced to just over £3.3m.
Direct employment in the company has fallen in recent years from nearly 500 people in 2005 to an average of 387 people in 2012.
The defined benefit pension scheme operated by Mivan (UK) continues to reflect a small actuarial deficit, in June 2012, of £167,000 against assets of over £5.2m.