Lisburn steel firm announces £5m turnover despite tough trading year
Lisburn-based company KME Steelworks recorded a 22% growth rate during 2017 despite tough trading conditions last year.
The growth has brought the company to an annual turnover of almost £5m. The firm has also announced expansion plans worth £2.5m.
KME Steelworks, which secured a Northern Ireland Chamber of Commerce High Growth Business of the Year award in 2017, said last year that it would invest heavily in extensions to its factory and on new equipment, creating 20 new posts in the process.
KME Steelworks manufactures steel moulds as well as sub-contracting out fabrication services to a range of customers including Sandvik and Moffett.
It also created the steel formwork for the foundations of the new Wear Crossing bridge at Sunderland which is due to be completed this year.
It produced tailor-made steel moulds for the foundations of the £120m structure, which is the highest bridge to be built in Britain in recent years. The deal amounted to almost £500,000.
Directors Seamus Murchan and Jason Quinn said they had expected tough trading conditions during 2017 due to increasing steel prices and potential Brexit-related issues.
"Our growth strategy is based on quality assured service and products and the best client relationship management we can deliver," said Mr Murchan. "The growth of KME from 13 employees in 2013 to the current 66 is a clear illustration of how significantly quality and care factors into success.
"The year was tough nonetheless and we want to extend our thanks to our customers for their loyalty and continued custom. We also thank our dedicated workforce for their commitment to providing a quality customer service."
The 2017 figures continue a trend showing 23% growth year on year since 2012 for the business. "2018 promises to be no less challenging as we plan, with the support of Invest NI, for further significant investment in plant, equipment, training and recruitment of more staff.
"We are on track to continue on the growth path particularly in the areas of precast mould design and manufacture for the construction industry and in sub-contract steel fabrication."
KME Steelworks was founded by Kevin Murphy in 1999, starting out as Kevin Murphy Engineering.
It is also a major supplier of steel precast moulds to other NI companies including FP McCann, based in Magherafelt.