The south Derry Specialist Group saw its profits and workforce grow in 2023, new accounts show.
Higher costs across the construction sector took a significant bite out of the bespoke joinery and fit-out business’ profits during 2022.
But new accounts for the Maghera-based outfit show its pre-tax profit rose almost six-fold to £2 million on a turnover of £34.6m during the year ending April 30 2023.
Set up in 1988 by Ardboe native John B O’Hagan, the Specialist Group has grown into a major manufacturer of bespoke joinery and fitted furniture, operating from London and Dublin.
Its work portfolio ranges from up market London offices and luxury hotels to hospitals and education projects.
The group had 175 staff on its books during the latest reporting period.
The company said: “With tight management of systems and processes and further investment in our team, including the appointment of Steven Scott as group manufacturing director, we were pleased to achieve much improved margins this year.”
The company said it has enjoyed a positive start to the 2024 thanks to a strong order book secured in 2023.
The Specialist Group said £1m had been invested in plant, machinery and vehicles during the 2022-23 financial year.
A new £2m programme of investment in automation is now due to get underway in July 2024.