Turnover grows by 50% at engineering and concrete firm
A Co Londonderry civil engineer and concrete manufacturer has reported a 50% increase in turnover in its latest accounts.
FP McCann in Magherafelt said turnover grew to £135.6m from £91m and said the geographical spread of its contracts was securing the company's future.
Employment also grew from 690 to 900 during 2014, while pre-tax profit for the year to the end of January 2015 was £10.1m, up from £7.2m.
Profit after-tax was £8m, up from £5.55m the year before.
Employment costs were also up more than 50%, from £17m to £28.3m.
FP McCann was set up in 1945. The company also runs a residential development division, FP McCann Homes.
The company is involved in big civil engineering projects including upgrading the Glarryford to Frosses Road, Magherafelt bypass and a regeneration project in Omagh.
Managing director Eoin McCann said improved economic conditions had helped but were not the only factor behind the company's growth.
"The increase in company turnover is not just simply down to an upturn in the UK economy," he said.
"The recent acquisitions and considerable investment in plant and equipment throughout our UK manufacturing facilities have allowed us to grow our product portfolio thus offering the UK's largest range of pre-cast concrete solutions."
But he said more could be done in Northern Ireland to help infrastructure and construction firms.
Mr McCann said: "Our business in UK has been assisted by a variety of government schemes aimed at encouraging housing and other construction initiatives - and we raised the possibility of similar schemes for Northern Ireland with the Finance Minister Simon Hamilton on a recent visit to our facility in Magherafelt."
Recent acquisitions by FP McCann include Hepworth Concrete Products, Loughside Quarry, Ennstone Concrete products , Tarmac Flooring (Weston Underwood), Charcon Specialist products and the Precast Concrete Division from Eleco plc.
The growth by acquisition has made FP McCann one of the largest pre-cast concrete product manufacturers in the UK.
Its pre-cast products include retaining walls and concrete pipes.
Its products have been used on projects at Swansea and Cambridge universities, and on railway projects - including the supply of modular platforms to London Bridge.
The directors report filed at Companies House was optimistic about the future. "The continual improvement in construction and construction-related demand has had a positive impact on company turnover.
"The directors believe that the company remains well-placed, with the level of secured business and our increased geographical spread of operations, to capitalise on new infrastructure opportunities."