CRAIGAVON-based generator maker AJ Power marked off 2016 as another successful year with an after-tax profit of £1.9 million - and they may have plans to expand.
Although the firm's turnover slipped back from £39.1m in 2015 to £35.5m in the year to the end of last June, their gross and operating profit percentages increased.
Operating profit jumped from £6.4m, to £7.3m last year. After-tax profits were down only marginally, by some £64,000.
In their consolidated balance sheet for the year, AJ Power held net assets of just over £9m.
The vast majority of AJ Power’s business is done outside the UK, accounting for £34m of turnover.
AJ Power was founded in 2002 by five senior ex-employees and directors of FG Wilson.
It designs, assembles and tests diesel-fuelled electric-power generating sets for use in hospitals, banks, data centres, supermarkets and hotels, as well as for industrial, construction and exploration use.
The firm is considered one of the UK's fastest growing exporters.
The company has been in a state of continued expansion in recent years, establishing subsidiaries in the Republic, as well as in South Africa and Sweden.
The company’s profits for 2016 were taxed at £531,761.
In a strategic report filed with the accounts, AJ Power’s directors said they were "satisfied" with the year's performance.
"The board invested in the business in the year by sourcing and procuring land through the private sector, in close proximity to its existing premises," they added.
"This decision provides security for future expansion as and when required."
In terms of potential risks for the company, the directors included "increased inflation rates, particularly on raw materials, which ultimately impact on the cost of major components, thus having an adverse impact on served markets."
"The company regularly reviews its pricing structure to reduce this risk."
AJ Power’s wage bill for the year totalled £3.6m, up from £2.8m the previous year. This increased was fuelled by a 26 per cent jump in the firm’s employment figures, currently standing at 120 (it was 95 a year earlier).
The firm’s directors were remunerated to the tune of £259,501.
Last year, the AJ Power was one of 243 businesses across the UK to receive the new Queen's Award for Enterprise, recognising their contribution to international trade, innovation and sustainable development.
They were one of only two recipients of the honour from the north, which were given out to coincide with Queen Elizabeth's 90th birthday. The awards go to companies for outstanding growth in overseas markets.
The company was also a finalist in the Aer Lingus Viscount Awards for Exporter of the Year.
