Significant investment in new jobs, infrastructure and technology has led to turnover at Ulster Carpet Mills rising by more than 17 per cent to £79.9 million in the year to March 31, latest accounts show.
Marking its 85th anniversary, the fourth-generation family-owned and run company has demonstrated renewed positivity through a major redevelopment plan at its Portadown headquarters that has created close to 50 jobs in the last 12 months to meet increasing demand.
The company - which also saw its gross profit surge by 38 per cent to £30.3 million - now has 660 staff on its books, and its annual wages bill is more than £28m.
After tax, the group reported a £2.7 million profit.
Across the Ulster Carpets Group, a £3million investment in new technology at wool processing company, Ulster Yarns, also created 30 new jobs in Yorkshire.
In June, the Ulster Group continued its mergers & acquisitions strategy by buying iconic British flooring brand Alternative Flooring.
The purchase was fully funded from Ulster’s own cash reserves (which over the last year rose by 28 per cent) and further diversifies the group within the flooring sector.
Record turnover in the US contract market was offset by the prevailing difficulties associated with Covid, global energy costs, inflation and the cost of living crisis, leading to similar levels of underlying operating profit to the previous year, excluding the sale of land.
In his chairman’s statement, Dr John Wilson expressed optimism following the record success in the competitive US market, new projects secured in the UK and European markets and strong results and a positive outlook for Ulster Carpets Group companies Roger Oates Design and Danfloor.
He said: “The year under review marked the first full year’s trading in the absence of any Covid-related Government support policies. While the pandemic is now over, there is still a persistent tail of disruption which is taking time to fully settle down. Taking those two points into consideration it was pleasing to see that operating profits have remained steady.
“Global energy costs and suboptimal productivity have put pressure on margins but we expect that with increasing numbers of high speed looms productivity and margins will improve.
“Rebuilding capacity at our headquarters in Portadown continues, with a committed investment programme. As intimated in last year’s accounts, it will be into 2024 before the full benefits of this will be realised.”
Investment in the main manufacturing site in Portadown will result in a complete renewal of most of the infrastructure and buildings alongside the addition of the latest automated technologies.
Established in 1938 by George Walter Wilson, Ulster Carpets’ core business remains in Portadown, from where the company has grown to become the premier supplier of Axminster and Wilton carpets to the residential, hospitality, marine and casino sectors across the world. It also has offices in London, Paris and in the USA.
In addition to the core business, the group incorporates carpet manufacturers Ulster North East; technical textile machinery manufacturer Griffith Textile Machines; wool processing and dyeing company Ulster Yarns; fully sustainable underlay manufacturer Axfelt; specialist commercial carpet manufacturer Danfloor; the luxury interiors brand Roger Oates Design; sustainable furniture and materials producer Solidwool; and iconic British flooring brand Alternative Flooring.
