DIRECTORS at family-run building services and construction company Dowds Group in Ballymoney have played down a big drop in sales and profits in its latest set of filed accounts.
Established in 1978 and renowned for delivering exceptional tier one mechanical and electrical engineering projects throughout Britain and Ireland, its parent Dowds Electrical (Holdings) Ltd saw turnover plunge by a third from £60.5 million in 2021 to just £41.2 million.
But the directors said a fall had been forecast, because sales in the previous year had surged by 47 per cent due to a one-off project outside its core business which would not be repeated in the current year.
In addition, it said, a number of projects were placed on hold or were delayed indefinitely as clients reasseses investment decisions in the current market environment.
Pre-tax profit decreased - as expected with the lower turnover - as Dowds posted a figure of £494,740 in the year to March. The comparable figure for 2021 was £1,929,812.
But in a strategic report with the accounts the directors said: "Despite the challenging market conditions faced by many of our competitors, we are pleased to report that each division within the group has turned a profit.
"The working capital position and liquidity remains strong, with cash and cash equivalents of £6.76m (2021: £8.67m) and current asset investments of £1.91m (2021: £1.94m)."
The accounts show that Dowds had 193 staff on its books last year - down from 219 previously. Its wages bill came in at £10.7 million.
The salary package for its seven directors increased from £801,442 to £952,951.
Having built a reputation as a building services contractor specialising in complex engineering, Dowds has expanded to include specialist and maintenance services, and it offer clients a one stop service for construction, facilities management and energy solutions.
