Tobermore Concrete grows turnover to £43m as Brexit looms
AN award-winning Co Derry manufacturing firm has increased its turnover to almost £43 million on the back of growth in the UK market.
Paving and walling manufacturer Tobermore Concrete has increased revenue by 16 per cent from £37m to £42.9m in the year to April 30, according to its latest accounts.
This has directly translated into a spike in staff numbers, which grew by a quarter in 12 months from 219 to 273. As a result the company's annual wage bill jumped from £6.9m to £8.5m over the year.
Gross profit also grew at the company from £20.5m to £23.2m.
Profit before tax fell from just shy of £10m (£9.97m) to £9.1m, but this comes after a monumental increase of 142 per cent recorded in 2017.
Shareholders funds decreased from £63.9m to £31.2m as the result of an overall group reorganisation.
In the strategic report accompanying the accounts the Tobermore directors said they are "satisfied" with the company performance.
"The company maintains its market share by providing innovative new products, constantly focusing on their customers regarding delivery service, handling of queries, and building strong relationships with key customers," they said.
To ensure success in all area the company also proudly reported that it has maintained its of 97.7 per cent on-time deliveries to UK mainland customers.
Looking ahead the directors recognise the impact of Brexit on the business and the company has established a working group to mitigate against any potential issues.
"The company is committed to taking a proactive approach by the establishment of a working group to look at the implications, risks and challenges that any changes Brexit may bring to the business and minimise any adverse impact," they said.
Despite this the Co Derry manufacturer believes there is "no business risk" in relation to Brexit and expects further growth in the UK market this year.
"The strategic focus of the company is to create more opportunities in the mainland UK market. This has resulted in increased turnover and profitability."
Tobermore began life as a humble sand and gravel business started by Samuel Henderson in 1942, before later diversifying into concrete products.
To this day the business remains family-run and in additional to its head office in Tobermore village, the company employs staff in paving and walling centres in Bangor, Dublin and Cork as well as in sales team across Republic of Ireland, Scotland, England and Wales.
The vast range of Tobermore's products can be seen in all types of settings, from hospitals, hotels, shopping centres and schools, to council public realm schemes, holiday parks and airport terminals.
High profile schemes to date have included British Airways i360 observation tower in Brighton, Terminal 2 at Heathrow Airport, the Olympic Way at Wembley Stadium, Tottenham Hotspur Training Academy at Enfield and the Bet 365 headquarters in Staffordshire