GAFFER NI Ltd, the holding company of a number of Northern Ireland businesses involved in the transport and haulage sector, posted increased sales and profits in 2018.
Sales at the Newtownabbey-based company increased by 8.4 per cent from £45.5 million to £49.3 million, according to its latest set of filed accounts.
The group's gross profit margin decreased slightly from 24.7 per cent to 23.5 per cent as total overhead costs rose from £8.5m to £8.8m as a result of a growth in its operations.
Group profit after tax attributable to the equity shareholders increased from £1,733,690 to £1,830358.
The principal activity of Gaffer is to operate as the holding company for three divisions - trucks (NI Trucks, Emerald Truck and Van and Star Rentals), windows (Dessian and Windowmate), and an investment division.
The biggest division NI Trucks is the Iveco commercial vehicle dealership for Northern Ireland, specialising in new and used truck sales, along with their servicing and parts.
Writing in the strategic report, company director Stephen Sproule said: "Competitive pressure increased throughout 2018, but despite some erosion of gross margin, the group was successful in increasing the overall level of activity in its chosen markets.
"Our balance sheet remains strong with net assets increasing from £14m to £15.8m. The group has secure banking facilities and its cash flows from operations are positive, generating £1.8m in the year."
He added: "The directors are confident that the group's businesses are well placed to grow as the economy continues to recover and over the next few years there will be opportunities to develop existing and new business."
The report shows that bank overdrafts at Gaffer increased from £470,000 to more than £2.5m.
Over the year the group invested £526,000 in tangible fixed assets, including commercial vehicles, primarily for use in the trucks business. But this was significantly reduced on the corresponding 2017 figure of £2.2m.
The accounts show that Gaffer had 322 staff on its books last year, with its annual wages bill coming in at £8.6m.
