ONE of the oldest names in Irish construction returned to profit during the Covid-19 pandemic through a combination of government support and cost cutting.
Despite being forced to close some of its sites in April 2020, H&J Martin recovered from a £3 million loss before tax in 2020 to post a pre-tax profit of £1.3m for the year ending March 31 2021.
While its turnover only marginally increased to £45.6m last year, a new set of accounts show the Belfast firm managed to cut costs and outgoings. Crucially it also availed of government support via the furlough, coronavirus large business interruption and VAT deferral schemes.
In the report published by Companies House, H&J Martin’s directors said they also managed to negotiate the deferral of asset finance repayments, rent reductions and salary deferrals/reductions for “key staff”.
Acquired by the Lagan Specialist Contracting Group in 2015, H&J Martin describes itself as one of Ireland’s most successful construction and asset management service related companies.
