Belfast Telegraph

Company Report: Medwyn Holding

 

John Simpson

By John Simpson

Medwyn Holding is a family-owned engineering company with its registered offices in Enniskillen.

Its activities are described as the design, fabrication and erection of structural steelwork.

In recent years the company has been trading successfully with annual turnover about £50m.

More recently total turnover was slightly lower than in 2016-17 but still well above earlier years.

Operating profits, however, continued to increase year on year.

The company report attributes the improved operating profits to increased efficiencies in all divisions of the business.

Pre-tax profits in the most recent year were slightly higher than operating profits as a consequence of the receipt of higher earnings of interest.

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Although the company report does not quote the sum involved, it does report that the company has a dispute with a main contractor which is subject to adjudication.

Because of the uncertainties about the final outcome, the directors have not included it in the contract balances recoverable.

Each year the business engages in significant levels of capital investment, mainly in plant and equipment. This is partly offset by annual provisions for depreciation which have recently been near to £1.4m each year.

The balance sheet value of shareholders' funds has now reached just over £25m.

This is after the retention of post-tax profits and after the payment of shareholder dividends in 2017-18 of £160,000.

Employment in the company averaged 348 people in the last year and has increased in each recent year.

Belfast Telegraph

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