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