South Derry pre-cast concrete firm FP McCann grows profits and payroll
SOUTH Derry construction giant FP McCann reported a slight decline in turnover last year though reported a lift in its pre-tax profits.
The Magherafelt-based building and civil engineering group - which is run by the McCann family and has six family members listed as directors - saw its sales slip back by 5 per cent to £215.8 million in the 2017 calendar year from just shy of £227m a year earlier.
But pre-tax profits still improved, lifting 1.7 per cent from £19.1m to £19.5m, according to figures published at Companies House.
A revaluation of the firm's tangible fixed assets added another £31.7m to its bottom line, and that brought its total comprehensive income for the year to £46.7m.
FP McCann, which has 17 offices around the UK, is now the biggest pre-cast concrete manufacturer in the UK after a string of acquisitions.
Employee numbers at the firm increased, albeit narrowly from 1,319 to 1,374, though the wages bill swelled from £46.4m to £50.6m.
The vast majority of the company's turnover was accrued on work in the UK, but it is continually increasing its presence on contracts in Europe, where its turnover in 2017 almost doubled from £3.7m to £6.2m.
In a strategic report filed with the results, the company's directors said they were happy with the performance, with the group growing organically and by acquisition.
During 2017 it acquired a quarry in Redrock near Markethill which formerly belonged to Co Armagh firm Cootes (Concretes Product) Ltd which went into administration.
Other recent acquisitions include Patrick Bradley Ltd in Kilrea, P Clarke & Sons in Lisnaskea, Buchan Concrete in Byley and Bison Flooring Manufacturing in Glasgow.
As well as its pre-cast work, the company has a residential developments division, FP McCann Homes, and supplies quarry and ready-mix concrete products.
The directors' reports point to another phase of restructuring within the firm, with a new company created halfway through the trading year called MMC Quarries Ltd, which within a week of its incorporation acquired Patrick Bradley Ltd.
The overall company structure now consists of parent firm FP McCann Group, two direct subsidiaries in FP McCann Ltd and MMC Quarries, and an indirect subsidiary in Patrick Bradley.