OFFSITE manufacturing specialist McAvoy Group has marked its 50th year in business with a continued return to sustainable profitability, according to its latest set of consolidated group accounts.
The Lisburn-based company has reported a rise in turnover to £71.5 million for the 13-month period to May 31, compared to £23.8m sales for the six-month period ending April 2021.
And the the company generated profits of £6.2m for the same period, compared to £2.4m for the period to April last year.
The former family-owned manufacturer was acquired by London financier Mubashir Mukadam in February 2020 following tumultuous two years in which it recorded pre-tax losses of around £23m, and in which sold its flagship site in Co Tyrone as part of a significant restructuring process.
McAvoy Group's continued return to sustainable profitability and underlying business growth has included several key project successes.
They include the world's first International Baccalaureate special free school for children with autism at Cavendish, a Low Carbon Pathfinder School for the Department for Education at Redhill, and the securing of a significant 10-year rental contract at University Hospitals Birmingham NHS Foundation Trust.
During the most recent financial period, the group announced a significant multi-million expansion programme that included the launch of a new SmartSpace semi-permanent modular fleet that will ensure McAvoy has one of the newest modular fleets in the UK and Ireland.
The investment will more than double the capacity of the company's semi-permanent fleet for rental and will include the creation of approximately 50 new jobs over the next three years.
Chief executive Ron Clarke said: "The group is experiencing robust and continued interest in its proposition, supported by favourable structural tailwinds and the board, with the continued support of our shareholders, has embarked upon a strategic growth plan which includes the creation of a modern and highly flexible rental fleet.
"Designed and built to enhanced energy and fire protection standards, SmartSpace provides our customers with sustainable space solutions which will allow significant scope for future value creation."
He added: "While recognising that the trading environment will remain challenged by ongoing geopolitical tensions and inflationary cost pressures, we continue to see strong underlying demand for the company's sustainable building solutions."
McAvoy is one of the UK and Ireland's market leaders in the precision manufacture and delivery of high-quality permanent and semi-permanent modular buildings.
Its adaptable and sustainable space solutions are sought after in sectors including health, education, commercial and infrastructure.
Innovation continues to be a central part of its activities with several ongoing R&D projects following its involvement in the Seismic programme which developed a new platform-based approach to manufacturing and construction, which can be adopted by multiple manufacturers.
Source: Offsite Trending Now
