Business

Kane Group doubles profits as group eyes further expansion

Kane Group's Banbridge headquarters at the Scarva Road industrial estate
Gary McDonald Business Editor

BANBRIDGE construction firm Kane Group doubled its bottom line profits in a stellar last trading year - and is already eyeing further expansion.

According to accounts filed at Companies House covering the 12 months to March 31 2022, the McMullan family-owned mechanical and electrical services contractor saw turnover grow from £44.9 million to £65.5 million on the back of a number of major contract wins.

Its gross profit increased from £7.4m to £12.2m, and after tax and expenses, its retained profit shot up from £2.4m in 2021 to £4.7m last year.

The workforce at Kane - which as well as Banbridge operates from bases in London, Glasgow and Dundalk - rose from 192 to an average of 237 during the year, which in turn saw the payroll bill jump from £7.8m to £10.4m.

The directors said: "This was our first full year for the implementation of our new business strategy, formulated following a review in 2020.

"At the heart of this strategy we will be seeking to significantly increase our turnover through a combination of expansion within existing sectors and into new sectors.

"The skills within the business are transferable across all sectors, and this diversity will ensure protection of the business from any deterioration within a single sector."

The directors added: "Turnover increased significantly during the last year, but we anticipated this growth, properly prepared for it and were pleased with the means in which the business controlled the increased workloads across all departments."

Since the accounts closed, Kane Group has already made an encouraging start to its 2022/23 trading year, and in May was appointed by Ardmore to deliver a £13m full MEP installation contract at Carrington Street, close to Mayfair in London.

The 14-month contract consists of three levels of shared basement, an office block with capped services at each floor and a residential block with 28 super prime homes. A below ground car park will also form part of the project.

Incorporating off-site construction methodologies, Kane’s experienced in-house teams will design, manufacture, and instal the energy centre on this project.