At the end of 2016 Mcburney Refrigeration was restructured and renamed Mcburney Holdings. The business is based in Ballymena.
Mcburney Holdings is now the holding company for the trading subsidiaries of Mcburney Transport Group and Bondelivery NI.
The consolidated results combine the results from the provision of road haulage, warehousing and logistics services.
Mcburney Holdings is now effectively an investment holding company which consolidates the trading information of its subsidiaries.
The restructuring at the start of 2017 brought a balance sheet gain to the new holding company in the transfer of the assets of the trading subsidiaries and the transfer of over £6.2m in cash acquired on the acquisition of the subsidiary companies.
The balance sheet at the end of 2017 shows shareholders’ equity at over £39m, having risen from under £12m a year earlier.
Most of the increase in shareholders’ funds is a reflection of an increase in the balance sheet value of tangible assets, as now transferred.
The restatement of the finances after the company restructuring is reflected in the value of business turnover which, in the original company, was just under £30m each year but, subsequently, is now nearly £93m during 2017.
The changes are also reflected in improved profit figures and the numbers employed by the new organisation.
The combined operations in 2017 showed a gross profit margin of 10.9% which was slightly lower than 12.3% for the refrigeration business in 2016.