Pre-tax profits are up by more than a third at a major concrete manufacturing firm in the north west.
Tobermore Concrete Products posted a turnover of over £80m and a pre-tax profit of close to £15m in their most latest accounts on Companies House.
Tobermore was founded in 1942, and is based in Magherafelt, Co Londonderry. Their directors include David Henderson, Glenn Robinson and Daniel Anderson.
The company’s 2024 accounts cover the 12 month period that ended on 30 April 2024, and they show that turnover grew slightly, up 2% from close to £77m to £80.4m.
All of this income was generated from product sales, with the company saying it sells its paving and walling and sells to customers in Ireland, the UK and the Isle of Man.
David Henderson, managing director, Tobermore Concrete
Tobermore’s current assets grew by almost 20% from 2023 to 2024, going up from £57m to £68m. Much of this was driven by a strong rise in cash at bank and in hand, from £1.8m to £9.8m.
The company employed three fewer staff on average, with 413 employees. Staff costs stayed essentially stable at just over £17m.
Once all the costs were added up, pre-tax profit rose 37% in 2024, rising to £14.9m from £10.9m.
The strategic report described the principal risks and uncertainties facing the firm as “risk surrounding the emergence and growth of competitors and the wider economic environment, risks common across the industry.
“The company is committed to taking a proactive approach to risk management with senior staff maintaining oversight.
“The company continues to perform well despite risks in the sector.”
In December, the company announced it was starting a £12m expansion in anticipation of a rise in building projects in the UK.
The plans include an £8m production facility outside of Tobermore town, alongside a £4m investment in new jobs that will see the company create a technical design team.
The strategic report references investment in its “future outlook” section: “The strategic focus of the company is to create more opportunities with commercial customers in the mainland UK market, which is driven by current and anticipated growth in housebuilding and public realm projects across the UK.
“The company plans to service this growth by investing in both production facilities and new jobs, including the creation of a dedicated technical design team to support its commercial customers.
“Tobermore’s design team will be expanded to provide a complete design, project and technical support service for architects, engineers and ground workers as well as house builders and local authorities working within private and public sectors.
“A number of new roles will also be created in specification and strategic sales teams to support its continually growing customer base in the UK.”