Northstone (NI): Construction group increases turnover to £298m
One of Northern Ireland’s largest construction groups, Northstone (NI), increased its turnover by 25% to £298m in 2014.
But its pre-tax profits were down from £6m to £4m as a result of low margin contracts signed during the recession.
The firm expects improved profitability in 2015.
Northstone (NI)’s largest business is Farrans Construction, the building and civil engineering contractor.
It also has construction materials and manufacturing divisions.
The group is ultimately owned by CRH, the Dublin-based construction multinational.
Northstone (NI)’s turnover in the Republic of Ireland leapt from £7m in 2013 to £24m in 2014.
That may reflect a meter installation contract with Irish Water, the country’s national water utility.
Meanwhile, one of Northern Ireland’s largest builders merchants also reported an improved performance in 2014.
Haldane Shiells Group reported pre-tax profits of £2.7m on turnover of £88m.
That compares to a 2013 profit of £1.8m on turnover of £71m.
The business trades as Haldane Fisher in Northern Ireland and also has outlets in England and the Republic of Ireland.
In 2014 it bought West Midland Merchant Trading, which is primarily a timber and sheet material business based in Birmingham.
The company said this is a good fit with its existing Manchester operation and provides opportunities for expansion in the Midlands and North West.