Fermanagh steel-maker Medwyn in profits boost during "healthy" trading year
THE parent company of Enniskillen headquartered steel fabricators BHC (formerly known as Brian Hewitt Construction) has reported a healthy lift in profits despite its turnover falling back.
Medwyn Holdings Ltd, founded in 1992 and which is owned and operated by husband and wife team Brian and Marjorie Hewitt, made an operating profit of £4.3 million in the 12 months to March - up from £3.8 million in 2016/2017.
But it came on sales which slid from £53.1m to £50.3m, which was the result of what the firm said was "increased efficiencies".
In a strategic report alongside the annual accounts filed at Companies House, the directors said: "The company's order book for 2018 remains solid and we view the outlook for the company to be satisfactory."
Despite the fall in turnover, Medwyn's gross profit margin rose from 19.8 per cent to 22.5 per cent, which is above average in the structural steelwork sector (gross profit came in at £11.3m against £10.5m a year earlier).
As year-end Medwyn had 348 people on its books, broadly similar to 2017, when its payroll was 342.
Its wage bill rose a shade to £12.4m (from £12.3m), though the directors' remuneration fell back from £132,943 to £128,471.
Founded in 1992, Medwyn and its wholly-owned subsidiary BHC makes and erects various steel products with a production capacity of 800 tonnes a week.
It started out catering for agricultural buildings, but has expanded to include services for retail, residential, commercial and industrial construction projects, mainly out of Scotland.
The company has a production facility in Lanarkshire and works across the agricultural, commercial, education, gas and oil, health, industrial and power sectors.
Its clients include Aviva, Diageo, Galliford Try, Manchester City and RBS.
Among projects the firm has worked on are Holyrood Park House, Edinburgh; Glasgow Fort Retail Complex and the Xscape Indoor Ski and Entertainment Centre in Braehead.