AG reports pre-tax profit of £3.4m
23rd Aug 2024
Co Tyrone paving and building products firm AG has reported a pre-tax profit of £3.4 million for 2023.
The Fivemiletown-based operation, formerly known as Acheson and Glover, saw its turnover rise 10% to £29.2m last year.
Higher costs in the construction sector hit the company’s profits in 2022, with profit before tax dropping to just under £45,000 for the year.
The latest annual report published by Companies House shows costs remained elevated in 2023.
Co Tyrone paving and building products firm AG has reported a pre-tax profit of £3.4 million for 2023.
The Fivemiletown-based operation, formerly known as Acheson and Glover, saw its turnover rise 10% to £29.2m last year.
Higher costs in the construction sector hit the company’s profits in 2022, with profit before tax dropping to just under £45,000 for the year.
The latest annual report published by Companies House shows costs remained elevated in 2023.
The report does not provide any detail on the nature of the transaction, but it covers the period where AG announced the closure of its site between Dungannon and Moy in April 2023.
Manufacturing ceased at the Old Moy Road site in 2022.
The closure came as AG invested £3m in a new factory in Fivemiletown.
The Acheson family has continued to rebuild and repurpose the business following a challenging period in the lead up to 2018, which resulted in the collapse of its precast concrete division.
It was among the companies to experience an upsurge in demand for paving products during the Covid-19 lockdown periods.
In commentary published alongside the latest accounts, company owner Raymond Acheson remained upbeat on the group’s future: “The group has a strong order book and pipeline of work for customers across the UK and Ireland.”
He said the company “will continue to invest and innovate to bring high quality desirable products to the specifications market and grow the sales team to secure further orders.”
The director said he is confident that the business is well positioned and resourced to achieve further growth.
According to the annual report, AG had an average of 223 staff on its books for the year to December 31 2023, down from 225 from 2022.
The group’s annual wage bill increased 6.5% in 2023 to £9.8m.
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