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Company Report: Western Bldg Systems

 

Western Building Systems is engaged in construction work and property development, including the rental of commercial property.

This family-controlled group is based in Coalisland, Co Tyrone.

It has won building contracts across the island.

Turnover in the last two years has been at slightly lower levels, decreasing by 5% in 2017 and then by 9% in 2018.

The group's order book is described as strong and trading in 2018-19 is also described as strong.

Profitability has been sustained following a marked increase in 2017 which has been maintained in 2018.

The group operates with little reliance on continuing borrowed funds.

It has accumulated internal financial reserves to underpin working capital needs.

The directors' report notes that in December 2018, after the end of the latest financial year reported here, the company faced a High Court challenge in Dublin regarding several schools which a subsidiary of the group has built in the Republic of Ireland.

The directors were said to be strongly contesting the case at the time of finalising the latest accounts.

No shareholder dividends were paid in the last year.

The post-tax profits therefore were remained in the accumulated reserves of the group.

At the last balance sheet date, shareholders' funds were just over £26.5m, an increase of £3.6m on a year earlier. Staff numbers had grown from 45 in 2017 to 54 in 2018.

Belfast Telegraph