Business

McAvoy Group reports return to profit following sale of Co Tyrone HQ

The McAvoy Group has reported a return to probability following a restructuring of the company.

THE McAvoy Group has reported a return to profitability just months after selling its flagship site in Co Tyrone and centralizing operations in Lisburn.

The controlling interest in the former family-owned offsite manufacturer was acquired by London financier Mubashir Mukadam in February 2020 following a difficult two years for the company, where it recorded pre-tax losses of around £23 million.

A restructuring of the company saw the McAvoy's main site near Coalisland sold for around £3.76 million in December 2020 to Tyrone businessman Kevin McCabe's Quarrytech Group.

In a new set of accounts covering the six-month period to April 30 2021, the McAvoy Group reported a 30 per cent surge in turnover to £23.8m.

It produced an adjusted EBITA (earnings before interest, taxes, and amortization) of £2.4m for the six months.

Chief executive Mark Lowry said it had been a challenginf period for the firm amid the continuing impact of Covid-19 and Brexit.

“Against that backdrop, it has been particularly satisfying to see the business continue its turnaround, recording a like-for-like rise in revenue and posting a strong adjusted EBITDA performance in our latest accounts.”

He said the company has a strong pipeline of work through 2022 and 2022 with a focus on winning viable projects across both its modular hire and sales business, along with the group's offsite division.

McAvoy recently secured new education projects totaling £39m to be delivered for the Department for Education in Britain, including one of the UK's first low carbon school buildings.

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