MJM Group profits soar after firm sails into new global markets
MARINE fit-out firm MJM Group, which works with most of the world's biggest cruise and shipping firms, has reported a whopping 30 per cent increase in its bottom line during 2017 after a firm focus on driving profitability.
The Newry-based specialist, a world leader in fit-out services for more than 35 years, made a post-tax profit of £7.8 million last year against £5.9 million in the previous 12 months, albeit on a reduced turnover of £49.5 million (2016: £61.5m).
The company, founded by Brian McConveille, spent considerable time in 2017 on strategic planning, developing new markets and building on capability, and driving lean principles and efficiencies is reflected in increased profitability.
During the trading year the business worked on securing a pipeline of firsts for 2018, including the first dry-dock project achieved in China in January.
It was followed by the first major refit in a UK port taking place in Belfast in April when the Azamara Pursuit underwent a complete transformation at Harland & Wolff under the supervision of MJM Group.
Continued investment in capital expenditure and human resources is setting the company up for the next phase of growth, and it says it is confident of its future pipeline of work.
Chief executive Gary Annett said: “We're delighted with the 2017 results and are laying foundations for the business to evolve and expand further into end to end project management.
"We are increasing the scope of the work we do for our valued customers. We had a strategic plan last year to build on our capability, and while spending time on this preparatory work we allowed for a short term decrease in turnover.
“We have put a significant effort into driving lean principles, efficiencies and continuous improvement internally to drive profitability. This is an effort that will continue throughout 2018."
He cautioned: “The lack of certainty around Brexit continues to be a concern, and we are closely monitoring the debate to ensure we are ready to react and adapt."