SOUTH Derry-based paving and walling firm Tobermore Concrete marked 2016 with a drop in profits of more than £2 million.
The company generated turnover of more than £32m, an annual increase of 14 per cent, and Tobermore ended the year to April 31 with a profit of £4.1 million (in the 2015 trading year the firm banked £6.6 million in profit).
But shareholders funds did increase – up from £52.6m to £55.9m.
In a strategic report filed with their accounts, the firm’s directors said they were "satisfied" with the performance of the company and their aim for 2017 was to create more opportunities in the mainland UK market.
In their report, directors also pointed out their foreign exchange risk, as they conduct a large amount of sales in the republic, which are invoiced in euro and, giving the recent fall in the pound, opened the company up to increased market volatility.
"To minimise the risk the company sources manufacturing materials, maintenance spares and new plant and machinery from euro supplier," they added.
The firm had an average employee number of 198 for the year, seven more staff than in 2015 and their wage bill came in at £5.9m, an annual increase of 15 per cent.
The company’s two directors, David Henderson and William Kirkpatrick, were remunerated to the total sum of £236,000 for the year, an increase of 10 per cent compared to the previous year.
Founded in 1942 as a sand and gravel business before diversifying into concrete products, it has always been renowned for its charitable giving, made £800,000 in donations last year.
David Henderson was a recipient of an OBE in 2010 for his services to the construction company.
Tobermore, currently operates from its base in the village which bears its name, as well as at centres in Bangor, Dublin and Cork.
It specialises in the manufacture and supply of block paving, permeable paving, paving flags, steps, kerbs, edging and channels, walling and masonry, retaining walls and eco paving and walling products for the domestic and commercial markets throughout the UK and Ireland.
The firm also owns a 40 per cent stake in a company called Vision Heat Solutions, in which it invested £1m in 2015.
Vision Heat Solutions sell, install and maintain biomass boilers, such as those used in the controversial Renewable Heat Incentive scheme.
The company was incorporated in July 2013 when the scheme was picking up speed. David Henderson was appointed as a director in May 2014. The firm have just completed their second year of trading.
