Belfast building firm H&J Martin turns around losses following Lagan Construction Group takeover
Belfast building firm H&J Martin has turned around losses and edged back into profit following its takeover by the Lagan Construction Group.
In its most recently filed accounts to March 31, 2016, the company reported turnover of £47.6m, with a small operating profit of £60,000.
That contrasts with turnover of £98.5m and a £5.7m loss a year earlier.
A deal for Lagan Construction Group to take over H&J Martin was first revealed by the Belfast Telegraph early last year.
The firm says the accounts note that “the company’s turnaround is due to the successful implementation of a new strategy to sell non-core assets, reduce turnover and focus on higher margin sectors within its fit-out and asset management services divisions”.
Following the takeover, Lagan Construction Group appointed a new executive team. That included managing director, Jon Adams and finance director, Gerard O’Callaghan.
H&J Martin managing director, Jon Adams, said:
“We have been delighted with the turnaround in the business and with our refocused customer centric model there is a healthy outlook for the company ahead.”
And group chief executive, Colin Loughran, said:
“Strategically H&J Martin was a good fit for the Lagan Construction Group of companies and we are pleased how the company has integrated into our wider business.”