Ni fit-out company mjm marine reports jump in turnover to £62 ma sit secures deals around globe
NEWRY fit-out firm MJM Marine, also the owners of Mivan, has reported a 50% jump in pre-tax profits of £7.5m as it revealed it’s monitoring the impact of Brexit.
The company also had a 4.4% increase in turnover to £62m during 2016, which it described as “a very successful year” in which it secured deals across different locations and industries.
It also increased employee numbers by 16% from 185 to 2015
During the year, the company’s Mivan brand — which it acquired when the firm of the same name collapsed three years ago — carried out the fit-out of the luxury Grand Hibernian sleeper train.
Company founder Brian Mcconville was named Businessperson of the Year at the 2017 Belfast Telegraph Business Awards in association with Ulster Bank.
The Newry-based firm, which also features Mr Mcconville’s son Conleth and daughter Naiomh as directors, along with chief executive Gary Annett, said it had been continuing to grow during the year.
It had secured multi-million pound deals with “world-leading customers” and had improved trading performance, turnover and gross profit margin.
But the company said it would not be recommending the payment of dividends but would instead reinvest profits to fund the future growth and development of MJM. Pre-tax profits had grown by around 60% from £4.9m the year before.
A strategic report added: “Employee numbers have increased with the level of turnover, the company continues to monitor contract profitability and strives to constantly gain efficiency on contract delivery.”
And the firm said it monitored risks from contracts which could lead to financial loss. It described interior fit-out as a “price sensitive market” with a few competitors.
However, the firm said it secured contracts through its “renowned quality and world class delivery, flexibility, creativity and a continued focus on improvement in business processes”.
The report added: “The directors are constantly considering the nature and extent of the risks... arising from Brexit...
“The company representatives have both arranged and attended seminars with various experts, and are fully aware of the potential implications and recognise the importance of staying informed...”
But the firm said that on reviewing its order book, budgets and cashflow forecasts, it had a “reasonable expectation” of being able to continue in business.
MJM founder Brian Mcconville