Company Report: Portview Holdings
In the last three years, locally owned Portview Holdings has reported increasing turnover and improved profits. The company is the parent company of Portview Fit Out.
The year ended in November 2018 saw a 21% increase in turnover and a major improvement in operating and pre-tax profits.
The company reports that it performed strongly in 2018 and this was due to exceptional performance on a number of contracts.
In a cautionary comment the directors anticipate that in 2019 profit margins may return to normal long-run levels.
The fit-out market is described as very competitive but the company reports that repeat business remains consistently high.
Annual turnover, for the first time, exceeded £52m.
Business profit margins improved.
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The large increase in pre-tax profits is partly a consequence of a tax settlement stemming from an agreement on the tax due on incentive arrangements used in the period 2012-2015.
In 2017 this settlement cost the business £7.5m and was reflected in the accounts for 2017.
In 2018, the company paid a dividend to shareholders of £1.2m.
Other post-tax profits were retained in the business and, as a consequence, balance sheet values of shareholders' funds rose sharply.
The company has only called on a modest annual level of capital spending, reaching £90,000 in 2018.
Employment numbers have risen to average of 86 people in 2018.