A CO Down building services contractor has seen its turnover jump by 85 per cent in a year to over £46 million on the back of a successful growth strategy.
Kane Group Building Services, which has its headquarters in Banbridge, reported a dramatic increase in turnover, pre-tax profit and staff numbers for the year ending March 31, 2017. The mechanical services contractor grew its turnover from just over £25 million in 2016 to £46.3 million last year, pre-tax profits more than tripled in 12 months from £875,665 to almost £2.9 million, while the company's net assets almost doubled.
The company, founded in 1967, further increased its average employee numbers by almost 40 per cent over the year, taking on an extra 29 staff, bringing current levels to 103. This led to the company wage bill rising from £4.6 million to £6.3 million in 12 months.
In the strategic report accompanying the company accounts, directors described the results for the year and position of the company at the year end as "satisfactory" and pledged to continue on an upward trajectory.
"The company will continue to seek every opportunity to increase profitable turnover," they said.
"The directors are committed to long-term creation of shareholder value by increasing the company's market share through organic growth. Further successful implementation of this growth strategy combined with achievement of improvements in inventory management and overhead cost savings has resulted in the satisfactory results reported for 2017, despite economic conditions and the sector remaining highly competitive."
Looking ahead the directors are confident the company can maintain its strong performance in 2018.
"The incoming year has shown that early results are satisfactory and the directors expect a year of continued progress," they said.
The Kane Group has lofty ambitions to be the UK’s primary building services provider and works within the education, residential, healthcare and leisure and commercial sectors. Notable projects include a £3.2 million contract for work on the Novotel Hotel at Blackfriars in London, the installation of the first laminar flow canopy system for an operating theatre in Northern Ireland at Craigavon Area Hospital and a contract at Dundalk racing stadium. In addition to the company headquarters in Banbridge, the firm further operates a London and Dublin office.
