Co Tyrone construction firm posts £1.5m profit after buy-out
Concrete products manufacturer Acheson & Glover in Co Tyrone has announced post-tax profits of more than £1.5m a year after a buy-out by its chief executive.
Turnover at the construction firm for the 14 month period to March 31, 2015, was £34.6m - which the business' directors said "exceeded expectations".
The original Acheson & Glover was founded in Fivemiletown in 1960, and grew into a leading manufacturer of hard landscaping products with sites around Northern Ireland.
But non-trading group company Acheson & Glover Group Limited suffered heavy losses in the construction downturn, which reached £21m in 2009. It had made a large number of acquisitions up to that time, including Carson's Quarry outside Belcoo, Co Fermanagh as well as Finlay Breton, and Seagoe Concrete.
The group company was put into administration in May last year.
But following a financing deal with Bank of Ireland, managing director Raymond Acheson bought Acheson & Glover Limited and Acheson & Glover Precast Limited, which then employed 380 people in total.
Now the results for new parent company Acheson Holdings - made up of Acheson & Glover and Acheson & Glover Precast - has filed consolidated accounts. The business now employs around 389 people.
A spokesman said: "Both trading companies achieved strong year-on-year performances with a collective positive post tax swing of £3m over the corresponding period in 2013/2014."
Raymond Acheson, now chief executive of the new firm, said he was pleased with the performance.
"Overall, whilst the conditions in Ireland remain challenging the Great Britain construction market is well on its way to recovery," he said. "Our business has grown significantly there in the past 12 months and we anticipate this to continue for the foreseeable future.
"Whilst there is no direct comparison for the consolidated results both trading companies have generated better than expected turnover and profit."
But he said the construction industry in Northern Ireland was still facing major challenges. "It has been well-documented that major schemes have been on hold here for some time as a result of uncertainties around key elements of the Northern Ireland Assembly agenda including Welfare Reform.
"Unless or until these issues are resolved the local construction industry will continue to struggle."
The Acheson & Glover name is synonymous with the Fivemiletown area.
Speaking last year, Sinn Fein MLA Phil Flanagan said: "They are well-known as a major employer and a lot of people would have worked there over the years."