Business

Building for the future at Kilwaughter Minerals

Kilwaughter's head office, including its new business centre
Gary McDonald Business Editor

LARNE minerals firm Kilwaughter says it "remains positive about the future growth" despite posting a dip in sales and profits in the year to April 2020.

Kilwaughter Holdings Limited, parent company of Kilwaughter Minerals, had a consolidated group turnover of £38.5 million last year (down from £40.4m in 2019), with pre-tax profits dipping from £8m to £5.4m.

But the company described it as a satisfactory performance in a challenging trading year impacted by coronavirus, Brexit and a decline in the housing construction market.

Gary Wilmot, chief executive of Kilwaughter Minerals, said: "We remain positive about the future growth of Kilwaughter in markets where the government has committed to short term funding commitments through the Building Safety Fund and Green Homes Grant.

"We anticipate longer term and consistent investment as we transition to a carbon neutral society and the demand for new housing stock and refurbished properties to deliver those standards.

"Kilwaughters intend to be at the forefront of these markets, leading the industry with highest quality, first class solutions and positive customer experiences."

The results reveal that the company's workforce over the year rose from 191 to 204, pushing up the overall wages bill to £7.7m.

Interestingly, the highest-paid director's salary package shrunk from £399,108 to just £54,677.

The company continues significant capital expenditure investment with a new business centre at its Larne headquarters, enhancing its plant and machinery, and a restructure of its R&D and business development functions.

Kilwaugter received recent recognition as an innovator from Innovate NI as it focuses on enriching and developing its people, teams and product portfolio for each of its K Rend, K Systems and Kilwaughter Lime brand segments.

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