Co Tyrone concrete producer turns £400k loss into £1.3m profit
The bosses of a Co Tyrone concrete firm have said it's well-positioned for further growth after turning a £400,000 loss last year into profits of £1.3m.
A spokesman for Acheson & Glover Ltd, which is based in Fivemiletown, said like for like turnover was also up 19% over the nine months to December last year.
Meanwhile, consolidated accounts for Acheson Holdings Limited showed pre-tax profits had risen from a £4m loss in the 12 months to March last year to a profit of £132,000 for March to December last year.
The accounts for both entities are yet to be filed at Companies House.
The group, led by CEO Raymond Acheson, manufactures and sells concrete building products to domestic and commercial clients in the UK and Ireland.
The spokesman said Acheson Holdings' bank debts had also been slashed by £8.1m after the disposal of non-core assets and after a long-term aggregates supply agreement had been reached.
But the consolidated accounts also reflect the impact of losses following the administration of Acheson and Glover Precast in November, he said. Creditors were owed £3m when the business went into administration.
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But directors said they were confident Acheson Holdings Ltd could achieve further growth by creating innovative products.
They said: "The order intake is performing more strongly than at any time in the last eight years and the directors plan to continue the sales growth into 2019 and beyond.
"By ensuring our proposition and product range is more geared towards the value-added market, we have generated a strong order book right across all sectors and especially in Great Britain where we are poised for strong growth in 2019.
"During the nine month period in question the company completed a major capital investment of £2m on a wash plant facility in Fivemiletown that will enable it to improve the efficiency of its quarrying operations as well as providing improvements to finished products due to the high and consistent quality of the raw materials used."