Business

MJM Marine sails ahead with increased sales and profits

Sales at MJM Marine grew 19.3 per cent to £116.6 million while the company cleared profits of £15.1 million
Gary McDonald Business Editor

NEWRY-based MJM Marine had another stellar trading year in 2019, in which every key performance indicator rose significantly.

Latest accounts show that the family-owned firm, which has interests from ship fit-outs to property and glass, increased its sales by 19.3 per cent to £116.6 million.

That's up from £97.7m in 2018, and means that in two years it has more than doubled its sales.

MJM says the increase is a result of the company's continued focus on building strong sustainable relations with key customers by providing a world-class service.

Profits rose too, and after tax the company added £15.1 million to its assets.

The company has four directors - founder and chairman Brian McConville, his son and daughter Conleth and Naoimh, and chief executive Gary Annett.

Last month Brian McConville (59) was recognised with a CBE, awarded in the new year's honours list for services to the economy and to charity.

He started the joinery business in 1983 to provide refurbishment services to the Irish Sea ferry corridor, and since then it has grown to be one of the world's leading marine outfitting businesses, along the way acquiring specialist joinery business Mivan and later Topglass in Toomebridge.

Latest figures submitted at Companies House show that MJM's sales are almost exclusively outside the UK, where sales in the last year fell from £5.2m to £3.7m.

Rest of the world sales grew from £92.4m to £116.6m, and it also generated increased revenues in Europe (albeit a modest £156,615).

Employee numbers at the firm rose too, with 281 on its payroll at the end of 2019.

That saw its pay bill rise to more than £10.3 million, which on a simple mathematical calculation gives each worker an average salary just shy of £37,000.

But in a strategic report accompanying the accounts, the director caution around risks arising from Covid-19.

They say they acknowledge that the pandemic poses a significant risk to the marine industry and extended supply chain, adding that a number of its major marine contracts for 2020 were postponed, while those which weren't knocked back will be delivered successfully while adhering rigidly to all health and safety regulations and guidance.

And they warn: "Contracts for completion in 2021 have been secured, but we recognise that the uncertainty surrounding future lockdowns and outbreaks compounds the seriousness of the situation in the short term and we are aware that there is a potential risk to future trading and operations, which we are monitoring."

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