Fast-growth McAvoy Group is building for the future
TYRONE offsite construction specialist the McAvoy Group grew its turnover, profit and retained assets in another hugely successful trading year, according to its latest accounts.
The family-owned firm, based near Dungannon and which has been making modular buildings for more than 40 years, reported sales of £59.9 million in the 12 months until the end of last October.
It also grew its operating profit by 63.5 per cent from £2.8m to £4.6m, and after taxes, it banked £3.5m against £2.4m a year earlier. The company now has net assets of £10.3m against £7.2m in 2016.
McAvoy Group employed an average of 196 staff during the year (115 in administration and 81 in production), up 22 on the year before, and in turn its wages bill jumped from £7.2m to £8.4m.
The company said it meets its day-to-day working capital requirements through an overdraft with Danske Bank, to whom it has a current liability of just over £8 million. Its banking facilities were renewed in April 2017.
McAvoy delivers fast-track projects of the highest quality for the health, education, commercial and infrastructure sectors, with less impact on the environment and greater assurance of completion on time and on budget.
It has two purpose-built manufacturing centres (Dungannon and Lisburn) spanning more than 120,000 sq ft and is leading the industry in its application of BIM and virtual reality to optimise efficiency and enhance collaboration from design to manufacture and site installation.
In April McAvoy handed over a new school building at West Hill School in Leatherhead, bringing the number of education projects now completed by the company for Surrey County Council to more than 40.
The project at the Ofsted outstanding special school featured extensive use of digital technology to help address the complexities of the site. The building was manufactured in Lisburn to reduce disruption and was ready for occupation on time and after less than eight months on site.
McAvoy has now completed more than 40 education building projects for Surrey County Council, ranging from single classroom buildings to a £5m nursery, infant and junior school extension in Epsom.
Earier this year it appointed David Clark as its new head of manufacturing and innovation. He will take responsibility for applying new digital solutions and lean processes to further improve the efficiency and productivity of the offsite manufacturing process, which will support group's ambitious plans for growth.
McAvoy Group managing director Eugene Lynch said “We want to embed innovation across the business to ensure we remain at the forefront of offsite manufacturing in the UK.
"We are already embracing the new digital technologies such as virtual and augmented reality, which are set to transform the construction industry.”