Pre-cast concrete firm FP McCann reports sales of £216m during 2017
Northern Ireland pre-cast concrete firm FP McCann Group has reported a 5% fall in turnover to £216m in 2017.
However, pre-tax profits at the Magherafelt-based firm - now the biggest pre-cast concrete manufacturer in the UK after a string of acquisitions - were up 1.67% to £19.5m.
Job numbers at the company, which has 17 offices around the UK, also grew from 1319 to 1374 over the year to the end of December 2017, its accounts show.
In a strategic report filed with the results, the company's directors said they were happy with the performance, with the group growing organically and by acquisition.
During 2017 it acquired a quarry in Redrock near Markethill which formerly belonged to Co Armagh firm Cootes (Concretes Product) Ltd which went into administration. Other recent acquisitions include Patrick Bradley Ltd in Kilrea, Co Londonderry, P Clarke and Sons in Lisnaskea, Buchan Concrete in Byley, England, and Bison Flooring Manufacturing, Glasgow.
As well as its pre-cast work, the company has a residential developments division, FP McCann Homes, and supplies quarry and ready-mix concrete products.
The report for FP McCann Group records that it carried out a company restructuring during 2017, creating a new firm, MMC Quarries, which acquired Patrick Bradley in July. The parent company FP McCann Group is made up of subsidiaries FP McCann Ltd, MMC Quarries and indirect subsidiary Patrick Bradley Ltd.
In Northern Ireland, it has carried out various contract work, including road dualling in Ballymena in a contract worth £55m, and work on Magherafelt bypass in a deal worth £35m. It's also working on the Portrush public realm project.
The firm's strategic report also states that "continuous research and development of new products is key" to competitiveness.
FP McCann's results come as trade body the Construction Employers Federation (CEF) reports a gloomy outlook among firms due to the lack of an Executive to approve major spending.
The CEF survey said firms' workloads fell in the second half of 2017 due to a lack of public sector contracts. The report, carried out with accountancy BDO, said just under half of firms were working at full capacity towards the end of 2017.