Belfast Telegraph

Northern Ireland mechanical and electrical firm Stothers reports rising revenues

Colin Cherry
Colin Cherry
Ryan McAleer

By Ryan McAleer

Belfast-based mechanical and electrical subcontractor Stothers (M&E) Ltd has reported rising revenues and profits in a new company report.

The 60-year-old company, which also has premises in Scotland and the north west of England, posted a pre-tax profit of £1.6m for the 12 months to June 30 2018 on the back of revenues of £37.8m.

Its performance last year placed the company at 80 in the Belfast Telegraph's list of Northern Ireland's most profitable firms.

Stothers (M&E) Ltd operates its headquarters from Radiant Works in the Ravenhill Avenue area of Belfast. It also has offices in Glasgow and Warrington, employing a total of 89 people across the UK.

Founded by Denis Stothers on the Albertbridge Road in 1957, the firm has grown from a small-scale maintenance provider to a national market leader in the provision of mechanical and electrical building services and contract maintenance, carrying out contracts for the NHS, MoD, Tesco and Hastings Hotels.

Recent projects have included works on the refurbishment of the Europa Hotel lobby bar in Belfast. It's also on site in a project at Danske Bank's city centre headquarters, while its live Scottish projects include the Kelvin Data Centre in Glasgow, two student housing projects and works at a primary school in Edinburgh.

The company says its offices gives it "a unique national infrastructure that ensures faultless service delivery each and every time".

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Stothers' operation has been led by managing director Colin Cherry since 2010. He originally joined the firm 29 years ago as a trainee estimator.

According to the company's latest financial report, which was released into the public domain on Friday, Stothers (M&E) Ltd paid a dividend of £1.35m to its shareholders for the year to June 30, 2018, slightly down on the £1.5m paid in 2017.

The report also shows £464,375 was paid to the company directors last year (£403,166 in 2017). Stothers wage bill for its staff also rose from £3.75m to £3.97m over the year.

The Northern Ireland company is ultimately owned by CB SME Holdings Ltd, which has posted a pre-tax profit of £6.4m for the same period.

Stothers' report said the principal risks and uncertainties affecting it are mainly increasing construction costs and maintaining sales levels.

The firm pledged to mitigate the risks through regular strategic and operational reviews.

Belfast Telegraph