Saturday, 20 August 2022 | 12.2°C Belfast
Stephen Acheson, chief executive, Acheson & Glover
Construction materials firm Acheson & Glover, which has weathered the closure of two factories and the Covid-19 pandemic in recent years, posted a healthy increase in profits last year.
T he parent company of the Co Tyrone firm, which supplies landscaping and other materials to the construction sector, revealed profits before tax of just over £4m for the year to the end of 2021, up from approximately £400,000 the previous year.
Turnover for the year was £25.8m, up 18% on the previous year, during which operations were disrupted by the outbreak of the pandemic, accounts for the parent company, ACH Number One, reveal. The company had total overall assets of £20m at the end of the year, the accounts show.
The company operates AG Paving from its Fivemiletown headquarters, which specialises in hard landscaping and building products, supplying walling, paving and facing brick products. It also has several AG showrooms here.
AG’s results are a reflection of the hard work and efforts of all employees in a challenging environment, given the recent Covid restrictions, chief executive Stephen Acheson told the Belfast Telegraph.
“We remain very confident for the future and are particularly focused on growing our market share outside of Northern Ireland, with both UK and Republic of Ireland sales growing strongly again in 2022,” Mr Acheson added.
The accounts show the company, which employs approximately 230 people and had staff costs for the year of £8.9m, did need to use the furlough scheme, drawing down £89,000 last year and just over £800,000 in 2020.
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While the results show healthy profits and turnover, the company faces challenges.
“Input cost inflation is clearly a challenge for the sector, but AG are overcoming it through continued focus on innovation,” Mr Acheson said.
“For example, it will soon be completing a three-year knowledge transfer partnership with Queen’s University that has helped the business adopt new materials and processes to improve quality and reduce cost throughout its operations.
“The company is also moving fast to reduce its carbon emissions and transition to net zero. It achieved a 10% reduction in its… emissions… production volumes increasing by 30%.”
Mr Acheson added: “The business is continuing to invest for the future and is currently installing a new factory to make flagstones at its headquarters in Fivemiletown. This £3m investment will come on-stream in early 2023.”
The company weathered some troubles in 2018 and 2019 when it closed its precast factories in Ballygawley and Magherafelt, leading to the loss of approximately 150 jobs.
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