Acheson & Glover (AG) manufacturer of construction materials which was bought out by its Chief Executive a year ago, has produced post-tax profits of more than £1.5m in just 11 months of trading.
Turnover for the period to 31 March 2015 was £34.6m which has exceeded expectations according to the directors’ report included in the recently filed company’s annual accounts.
The business which comprises two trading companies, Acheson & Glover Ltd and Acheson & Glover Precast Ltd filed consolidated accounts under its newly formed parent company, Acheson Holdings Ltd.
Both trading companies achieved strong year-on-year performances with a collective positive post tax swing of £3m over the corresponding period in 2013 / 2014.
CEO, Raymond Acheson, said he was pleased with the performance and both he and the Board were looking forward to the future with optimism.
“Overall whilst the conditions in Ireland remain challenging the GB construction market is well on its way to recovery. Our business has grown significantly there in the past 12 months and we anticipate this to continue for the foreseeable future.
“Whilst there is no direct comparison for the consolidated results both trading companies have generated better than expected turnover and profit.”
While sales were strong in GB and showing moderate growth in the Republic of Ireland, Mr Acheson said the construction industry in Northern Ireland was still facing major challenges.
“It has been well documented that major schemes have been on hold here for some time as a result of uncertainties around key elements of the NI Assembly agenda including Welfare Reform. Unless or until these issues are resolved the local construction industry will continue to struggle.”
AG has been in business for more than 50 years and employs around 400 people at eight locations. It designs, manufactures and sells a comprehensive range of products and solutions in concrete for both the residential and the commercial sectors and is recognised as one of the most trusted producers of hard landscaping products in the UK and Ireland.