Expanding order book drives up turnover at construction giant Turkington
PORTADOWN-based construction giant Turkington Holdings has reported a dramatic 65 per cent spike in turnover built upon an expanding order book.
Accounts for Turkington Holdco (NI) company - founded in 1951, show that revenue at the firm has grown from £16.1m to £26.6m in just 12 months.
Turnover for the year was heavily boosted by £26.4m worth of construction contracts, a 74 per cent jump on the £15.2m recorded in 2016.
Gross profit also increased to £3.16m from £2.47m in the year to December 30, but profit before tax fell to £817,482 from the £2.55m recorded in 2016. The accounts further show that average staff numbers increased from 71 to 83 over the year, which in turn drove up the group's annual wage bill to £2.65m.
In the strategic report published alongside the company accounts, the directors said they were "satisfied" with the latest financial performance and noted that the previous year's figures were boosted by £1.37m worth of gains on investment property.
"The directors are satisfied with the performance of the trading operations of the group during the year and are committed to develop this performance in the future," they said.
"The directors recognise the challenges being faced in the property market. The directors are, however, encouraged by efforts made in relation to the trading activities of the group."
"The directors consider that the outlook presents significant challenges and they are continuing to carefully manage costs and aim to maintain revenues and operating performance," they added.
Turkington, which has been responsible for a clutch of prestigious developments in both the public and private sectors throughout Northern Ireland and Britain, operates across various sectors of the industry acting as main contractor and developer through its construction division, and also provides specialist sub-contracting and supply expertise through its windows, curtain walling and facilities management divisions.
The group's financial statements list a significant number of related party transactions and details on its various joint ventures including that with Consul Services Holdings in Magherafelt.
The group's ultimate controlling party is the Turkington Family Trust.