ONE OF Northern Ireland’s oldest family construction companies saw turnover from operations in the Republic plummet by more than £16 million (€18.2 million) last year.
John Graham Holdings, which is headquartered in Hillsborough reported turnover of £25 million from the Republic in 2010. But latest company accounts show that fell to just over £8 million in the 12 months to March 2011.
The Co Down company, in business since 1798, operates across four principal areas; construction, asset management, investment projects and property/land development. It employs more than 1,000 people and operates chiefly in Britain and Ireland.
In recent years John Graham Holdings and its subsidiaries have worked on some of the most high-profile construction projects in Ireland. These include the €40 million Samuel Beckett Bridge in Dublin and the £9.6 million Peace Bridge in Derry.
Although impacted by the downturn on both sides of the Border, the latest financial results show the group has managed to weather the economic fallout. In the 12 months to March, total turnover rose to more than £218 million.
However, pretax profits dipped slightly from £4.3 million in 2010 to just over £4 million in 2011.
Management have described the results as a “satisfactory performance . . . given the current ongoing difficult economic conditions”. But it has also warned that the outlook for the sector “remains challenging” against the backdrop of falling public capital expenditure budgets.
“We believe with the level of secured contracts the group is well positioned for the year ahead,” directors stated.
However, they added that margins are expected to reduce. Despite this John Graham Holdings is forecasting that it “will maintain the current level of profitability through the next year”.
