Toome-based precast manufacturer Creagh Concrete recorded a ten-fold increase in pre-tax profit last year.
New accounts for the Co Antrim firm show it managed to increase its turnover by less than 3% to £116 million in the year to September 30 2023.
But profit before tax surged from just half a million pounds in 2022 to £5m last year.
The precast concrete specialist, which is run by brothers Gerard, Seamus and Patrick McKeague, returned to profit in 2022 after recording a pre-tax loss of £6.3m in 2021.
In commentary published alongside its latest accounts, Creagh Concrete’s directors said: “This dramatic improvement derived from procedures implemented in the previous year to improve cost control, productivity and contract risk assessment and management resulting in a more stringent approach to selecting new contracts.”
However, the significant increase in profitability came during a year when the concrete firm was fined £1m after a man died at its site in Nottinghamshire.
Stewart Ramsay (24), who had worked at Creagh Concrete Products (CCP) at Thurgarton Lane in Hoveringham, died when he suffered fatal head injuries on March 15 2017.
CCP was fined in April 2023 after admitting to breaching the Health and Safety at Work etc Act 1974.
The latest accounts for the Co Antrim group show it had 641 staff on its books last year, 23 fewer than 2022.
Looking ahead, Creagh Concrete’s directors said its order book remains “strong”.
They also confirmed the group has refinanced its borrowings and secured increased finance facilities with new partners.
“These new facilities provide a strong foundation to support the working capital needs of the business and fund anticipated future growth.”
