Business

Dowds Group on course to hit record £80m in revenue after year of expansion

Major contracts landed by the Dowds Group include a substantial M&E project at the new Belfast Grand Central Station. (Liam McBurney/Liam McBurney/PA Wire)

The Ballymena-based Dowds Group has said its business is continuing to expand and create new jobs in the current financial year, despite the significant inflationary pressure across the construction sector.

The multi-disciplinary construction services group saw its revenues grow 29% year-on-year to £53.1 million for the 12 months ending March 2023, helped by a number of major new contracts.

But the well-reported surge in costs across the sector hit the firm’s profits, with the group recording a pre-tax loss of £2.8m in the latest year.

Alongside inflationary pressures and challenging supply chain constraints, the Dowds Group said the loss could also be attributed to additional investment in human resources and two projects, which it said experienced ‘unavoidable over-runs and cost escalations’.

The group also invested around £3m in its new headquarters at Ballymena’s Parkway in the latest financial year, which followed the opening of a new London office in King’s Cross.

It has also launched a new energy solutions division and expanded into the commercial fit-out sector through a joint venture with Farrans.

The recent growth follows a number of major contracts, including a substantial M&E (mechanical and electrical) project at the new Grand Central Station in Belfast; a major pharma project; and an industrial facility for Belfast Harbour.

Group managing director James Dowds said the company has already secured 97% of its £80m revenue target for the current financial year.

The record revenue means the group expects to create around 15 new jobs in the coming weeks.

“This is an exciting period for the Dowds Group as we further deepen our footprint across Britain, Northern Ireland, and the Republic of Ireland,” said Mr Dowds.

“We believe there is considerable potential for our new energy solutions division and the market has responded well to our offering since our launch in November 2022.”