THE parent company of Enniskillen headquartered steel fabricators BHC (formerly known as Brian Hewitt Construction) has reported an increase of over a third in revenue to over £67 million.
Medwyn Holding Ltd, founded in 1992 and which is owned and operated by husband and wife team Brian and Marjorie Hewitt, has enjoyed a stellar financial year, according to its latest accounts, published on Companies House.
The Fermanagh firm saw profits increase by 34 per cent from £50.3m in 2018 to £67.4m in the year ending March 31. Pre-tax profits also jumped by a colossal 82.7 per cent from £4.3m to £7.9m.
Medwyn's gross profit margin rose from 22.5 per cent to 23.9 per cent, which is comfortably above average in the structural steelwork sector (gross profit came in at £16.1m against £11.3m a year earlier), while net assets also increased by almost a quarter at Medwyn from £25.1m in 2018 to £31.6m.
Staff numbers grew marginally over the year from 342 to 348, which in turn led to a slight uplift in the company annual wage bill, which now stands at £12.4m.
The superlative performance came in a year, while the Fermanagh company continued to press ahead with a capital investment programme.
In the strategic report accompanying the accounts, The Medwyn directors declared the results for the year and the position of the group at the year end to be "satisfactory".
The company credited "improved efficiencies in all divisions of the business" for figures and the directors are positive about the year ahead.
"The group's order book for 2019 remains solid and the directors view the outlook for the group to be satisfactory," they said.
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; Diageo, RBS, Aviva, Manchester City FC and the NHS.
Among projects the firm has worked on are an extension at Edinburgh Airport, Glasgow Fort Retail Park and Blackpool Winter Gardens Conference and Exhibition Centre.
