Belfast Telegraph

Company Report: Westbank Business Park

 

John Simpson

By John Simpson

Westbank Business Park is successfully engaged in wholesale and retail activity dealing with electrical components in the United Kingdom and the Republic of Ireland.

The registered office for the business is at Dargan Road in Belfast.

Turnover in each of the last three years has been stable at near to, or over, £27m and was close to £28m in 2018.

Operating profits, before any contribution from investments, fell sharply in 2017 and recovered slightly in the following year to £1.9m.

Pre-tax profits also fell in 2017 before a large recovery in 2018, largely explained by a gain on the fair value of financial assets of £1.9m

Westbank Business Park also has a 45% shareholding in a business registered in Hayes, in London, the PES Group, which was formerly known as Maintest Engineering.

Through this shareholding and other associate investments, the parent business has been receiving each year additional income usually of over £400,000, which reached a sum of £506,000 in the most recent year.

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The quoted figures for capital investment are heavily influenced by the acquisition of a subsidiary in 2017(*) that cost £1.5m.

Employment in the business has been increasing in recent years and averaged 97 people in 2018.

No dividends have been paid out to the company's shareholders in the last three years.

As a result, the balance sheet value of shareholders' funds at the end of August had risen to over £22m.

Belfast Telegraph

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