Belfast Telegraph

Lisburn quarry firm profits slip despite new contracts

By Staff Reporter

White Mountain Quarries announced a 16% fall in turnover to £61.6m shortly after it unveiled two new contracts.

Accounts from the Lisburn firm, which is part of the Lagan Group and is led by Kevin Lagan, also revealed an 11% fall in pre-tax profits from £5.66m to £5.04m.

It came soon after the company announced a £13m deal to revamp Luton Airport.

The contract will see it transform the approach road to the terminal into a dual carriageway.

Earlier this month, the company was also awarded a tender for work on the Divis Street/Falls Road section of Belfast's new rapid transport system.

A strategic report filed with the accounts for the year ending December 31, 2014 said White Mountain Quarries aimed to increase market share through organic growth and acquisitions.

The strategy had led to "satisfactory" results for the year, though the sector "remained highly competitive", the report said.

"While the incoming year is likely to continue to be very challenging, results are satisfactory and the directors expect another year of progress," it added.

The company's workforce grew throughout 2014 from 170 to 196. Staff costs including directors' remuneration reached £7.1m.

According to the report, the immediate parent company of White Mountain is Lagan Group Limited, but the ultimate parent company is Lagan Group (Holdings) Limited.

There are currently six directors of White Mountain, including Kevin Lagan, though Mr Lagan is described as being the "ultimate controlling party".

Two years ago, Lagan Group announced that it was considering entering into a joint venture with Quinn Building Products.

It also discussed proposals to buy Quinn Rooftiles.

But following a death threat against Kevin Lagan and attacks on Lagan Group's property, the plans were abandoned.

Belfast Telegraph