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Acheson & Glover Ltd posts turnover rise of 19% and strong pre tax profit

Acheson & Glover Limited (AGL) has grown turnover and profits in its latest set of accounts which cover the 9 month period to December 2018.

Like-for-like turnover grew by 19% with pre tax profit rising from a £400,000 loss to a £1.3m profit.

The Company’s balance sheet shows net asset value has also risen from £21,719,922 to £24,379,602.

Meanwhile the Group’s consolidated accounts under Acheson Holdings Limited (AHL) show pre tax profits have risen from a £4m loss (for the 12 month period until March 2018) to a profit of £132,000 for the nine month period to December 2018.  Acheson Holdings Limited’s bank debts have also been reduced by £8.1m over the same period. This has been achieved through the disposal of non-core assets and as a result of a long-term supply agreement for the provision of aggregates to a 3rd party.

The Group’s consolidated results include losses from Acheson and Glover Precast Limited which the Directors placed into Administration on 5th November 2018.

The Directors have expressed confidence that the business, which manufactures and sells a range of concrete building products throughout the UK and Ireland to both Commercial and Domestic markets, is well positioned and resourced to achieve further growth.

“The Company is focused heavily on high added-value and innovative products aimed at the specification market across the UK and Ireland. As a result, the order intake is performing more strongly than at any time in the last eight years and the Directors plan to continue the sales growth into 2019 and beyond.

“By ensuring our proposition and product range is more geared towards the value-added market, we have generated a strong order book right across all sectors and, especially in GB where we are poised for strong growth in 2019.

“During the nine month period in question the Company completed a major capital investment of £2m on a wash plant facility in Fivemiletown that will enable it to improve the efficiency of its quarrying operations as well as providing improvements to finished products due to the high and consistent quality of the raw materials used. This investment supports the Company’s ongoing commitment to minimise the impact of its operations on the environment.

“The Directors intend to continue with further capital investments and debt reductions over the next few years.  We also intend to continue the Company’s investment in Research and Development to ensure we remain at the forefront of innovation within our sector.”

AGL is headquartered at Fivemiletown.  Employing around 240 people it has been producing innovative hard landscaping products for almost 60 years.

Its products have been used in a number of flagship construction projects throughout the UK and Ireland.