Gaffer NI, the holding company of a number of businesses in the north involved in the transport and haulage sector, posted increased sales in 2023, its latest accounts reveal.
And it revealed that it has set aside resources to grow the business further through strategic acquisitions.
The principal activity of Newtownabbey-based Gaffer is to operate as holding company for three divisions - trucks (NI Trucks, Emerald Truck and Van and Star Rentals), windows (Dessian and Windowmate), and an investment division.
The group’s turnover increased by 18% to £62.6 million, reflecting a strong performance particularly in its trucks division.
Gross profit margin reduced from 23.6% to 20.9%, mainly due to what Gaffer said was a shift in product mix.
Total overhead costs increased in 2023 from £7.5m to £8.6m, and the group’s profit after tax reduced slightly from £4.154m to £4.073m.
Gaffer’s balance sheet remains strong, with nett assets increasing to £30.8m.
On future developments, chairman and Gaffer’s majority shareholder Stephen Sproule says: “The group face many challenges in 2023, including supply chain disruption, labour shortages, increased interest rates and inflationary pressures across a range of fronts, and these look set to continue in 2024, though hopefully at a reduced rate.
“Our management team is focused on dealing with challenges as they arise and take appropriate action to secure the assets and enhance the future prospects of the group.”
He added: “We remain alert to opportunities to grow through strategic acquisition, and increased resource as been allocated in this direction.”
Gaffer’s biggest division within NI Trucks is the Iveco commercial vehicle dealership for Northern Ireland, specialising in new and used truck sales, along with their servicing and parts.
The accounts show that Gaffer had 312 staff on its payroll last year, and its annual wages bill increased from £8.8m to £9.8m.
Over the trading year the group invested £772,000 in tangible fixed assets - which is half the amount of the previous year (£1,549,000).
And bank overdrafts at Gaffer went from zero in 2023 to £800,000 last year.