Belfast Telegraph

Turnover and profit both double at Newry-based MJM Marine in 2018

Founder: Brian McConville
Founder: Brian McConville
Margaret Canning

By Margaret Canning

Northern Ireland company MJM Marine, which has interests from ship fit-outs to property and glass, has reported an almost doubling in turnover to £97.7m for 2018.

Pre-tax profits at the Newry-based company, which is owned by the McConville family, more than doubled from £7.9m to £17.4m, while revenue was up by 97.3% to £97.7m.

In a strategic report filed with the accounts, the company's directors said there had been a "significant level of growth... a result of the company's focus on building strong, sustainable relationships with key customers, and by providing these customers with a world-class service".

And the directors said they were confident the firm would remain profitable in the foreseeable future, adding: "The company hope to build on this successful year, continuing to secure contracts across several geographical locations, all whilst focusing on delivering a world-class service."

But the company said there were risks arising from factors including the potential for economic loss from its contracts, as well as competition, cash flow, credit risk, currency risk and risks posted by Brexit.

It said: "The impact of the various outcomes of Brexit have been assessed and appropriate action has been taken to minimise the risks to the company."

Of the company's sales, just £5.2m were made in the UK, with nearly £92.4m generated in the rest of the world, and just £148,470 in Europe.

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Its staff numbers increased from 230 to 272, bringing an increase in its pay bill to £9.7m from £7.8m. Its highest-paid director received £131,755, a fall of nearly 13%.

There are five directors - founder Brian McConville, his son and daughter Conleth and Naoimh, and chief executive Gary Annett.

MJM Group was linked to a purchase of shipyward Harland & Wolff earlier this year. However, it ultimately walked away from talks over a deal. The shipyward then went into administration at the end of July but has now been bought in a £6m deal by Infrastrata plc.

In June last year MJM Group announced the acquisition of Topglass in Toomebridge. And in 2017 the company carried out a high-profile contract fitting out cruise ship the Azamara Pursuit at the Harland & Wolff dry dock. The company said its Azamara Pursuit work had been the first time a major refit of a luxury ship had taken place in a UK port instead of overseas.

Earlier this year its bid to redevelop the listed Clarence Chambers building in the centre of Belfast into a modern office development won the approval of planning officials.

MJM Group bought the building in recent years under the guise of MJM Pearl Ltd. The same company acquired the nearby Pearl Assurance House at 1-3 Donegall Square East in late 2015.

Belfast Telegraph

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