Belfast Telegraph

Company Report: Whitemountain

 

By John Simpson

Whitemountain Quarries, based in Belfast, is one of the larger subsidiaries of Lagan Group (Holdings). It was formerly controlled by Kevin Lagan and registered in the Isle of Man. It's now part of Breedon Group, which has purchased several Lagan Group companies.

It declares itself as a market leader in quarry materials, surfacing and highway maintenance with civil engineering services in Northern Ireland and other European markets. It is described as representing the quarry materials and contracting division of Lagan Group.

The results in 2017 are described as strong as an outcome of a combination of successful improved strategies along with improved buying, inventory management and overhead efficiencies. Turnover from joint ventures, excluded in the statistical table, was nearly £16m in 2016 and nearly £12m in 2017. The registered group report comments that the financial statements, if prepared to the generally accepted accounting standard (the UK GAAP), do not appropriately reflect the impact of work with joint venture entities.

The turnover and costs associated with joint ventures are not reported separately.

Overall the group experienced a small fall in turnover and a small fall in operating profits.

Post-tax profits are retained within the company. As a result the balance sheet value of shareholders' funds increased to £43.6m at the end of 2017. During each of the two most recent years, dividend payments were charged to the pre-tax profits: £8m in 2016 and £5m in 2017.

There were 232 staff, up from 205.

Belfast Telegraph

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