Belfast Telegraph

Resource (NI) Ltd

By John Simpson

Resource (NI) is now a wholly owned subsidiary of the recently created Resource Services Group, whose main shareholder is Terence Brannigan.

Resource (NI) was, until February 2006, known as Maybin Property Support Services (NI) when it was sold by the former owners.

Resource (NI) reported an average employment of 3,902 people in 2006-7, an increase of 28% on the previous year.

Within the Resource Services Group, this subsidiary accounted for just under 90% of the 4,390 people recorded as employed by the group.

In the seven years of this decade, Resource (and formerly Maybin) has trebled annual turnover and employment increased by over 75%.

Operating profits in 2006-7 were the equivalent of 8% of turnover which was the best result of recent years.

The company has carried only modest net interest payments so that pre-tax profits have therefore moved in parallel with operating profits.

The balance sheet value of shareholders funds has increased year by year.

In earlier years the post-tax profits accruing to the balance sheet were reduced by modest dividend payments. However, in 2006-7, the first year of new ownership, no dividends were paid.

In addition in 2006-7, the company debited a large tax bill to the profit and loss account.

Shareholders funds, which were carried at £2.5m in March 2000, increased steadily, year by year, to reach £5.9m in March 2005, then £7.3m a year later, and in 2007 they reached £7.6m.

Belfast Telegraph

Popular

From Belfast Telegraph