Specialist runway firm sees pre-tax profits drop to £3.1m
The aviation arm of Belfast's Lagan Specialist Contracting group has reported a pre-tax profit of £3.1m.
Lagan Construction Aviation Ltd carries out civil engineering and surfacing contracts at airports around the world.
The company is part of the group headed by Kevin Anthony Lagan. His father Michael, who previously ran the Lagan Group with his brother Kevin, still chairs the group.
New accounts filed with Companies House show that its turnover fell 14.7% from £62m to £52.8m in the 12 months to March 31, 2019. Pre-tax profits dropped 17.8% over the year to £3.1m.
The company recently completed a £23m resurfacing project for the runway at RAF Northolt in London.
The aviation infrastructure company also subcontracts projects out to its wholly owned entity Lagan Airport Maintenance (LAM).
In recent months LAM has been on site upgrading runways at London Southend Airport and Knock Airport.
Its portfolio of companies also includes surfacing contracting firms bearing the Lagan name across the world, including the Caribbean, Hong Kong, Puerto Rico and Maldives.
Over the year, Lagan Construction Aviation reported that its workforce increased from 77 to 106.
A strategic report accompanying the latest results, signed by director Steven Turner, states: "Despite the challenging market conditions, the group has managed to maintain acceptable margins whilst also carefully managing the level of overheads."
The report said while the UK and Irish economic performance "remains relatively positive", it adds: "The cloud of Brexit uncertainty does not help the economic outlook.
"A positive economic climate is essential to generate economic growth which in turn provides further opportunities for the group."