H&J Martin Holdings reveals 95% fall in pre-tax profits to £444,000
One of the longest established names in Ulster construction has reported a 95% drop in its pre-tax profits.
H&J Martin Holdings Ltd, which is part of the Lagan Specialist Contracting Group, saw revenues improve from £59m to £61m for the 12 months to March 31, 2019.
But the holding company for all of H&J Martin's trading entities posted a £444,000 pre-tax profit for the year. That compares to £9.9m reported during 2018.
H&J Martin operates across the construction, fit-out and asset management sectors.
The company, which dates back some 180 years in Belfast, was acquired into Michael Lagan's portfolio in 2015.
His son Kevin Anthony has served as chief executive of the Lagan Specialist Contracting Group since 2017.
According to the latest report filed with Companies House, the firm saw its workforce drop from 263 to 239 over the year.
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Its recent construction projects include an 18-storey resident scheme in Salford, Strandtown Primary School in east Belfast and a £4.5m Travelodge in Bromley.
More recently, H&J Martin has launched the Brickworks social housing development on the firm's yard on the Ormeau Road in south Belfast, which dates back around 140 years.
Reviewing its annual performance, the holding company's directors said that, while the UK and Irish economic performance "remains relatively positive", they said: "The cloud of Brexit uncertainty does not help the economic outlook.
"A positive economic climate is essential to generate economic growth which in turn provides further opportunities for the group."