Northern Ireland-based construction products manufacturer Acheson & Glover Limited (AGL) is setting its sights on further company growth as it revealed a 19% increase in turnover.

In the firm's latest set of accounts which cover the nine-month period to December 2018, pre tax profit also rose from a £400,000 loss to a £1.3m profit and net asset value increased from £21,719,922 to £24,379,602.

Meanwhile the Group's consolidated accounts under Acheson Holdings Limited (AHL) show pre tax profits have risen from a £4m loss (for the 12 month period until March 2018) to a profit of £132,000 for the nine month period to December 2018. Acheson Holdings Limited's bank debts have also been reduced by £8.1m over the same period. This has been achieved through the disposal of non-core assets and as a result of a long-term supply agreement for the provision of aggregates to a third party.

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The Group's consolidated results include losses from Acheson and Glover Precast Limited which the Directors placed into Administration on 05 November 2018.

The Directors have expressed confidence that the business is well positioned and resourced to achieve further growth: "The Company is focused heavily on high added-value and innovative products aimed at the specification market across the UK and Ireland. As a result, the order intake is performing more strongly than at any time in the last eight years and the Directors plan to continue the sales growth into 2019 and beyond.

"By ensuring our proposition and product range is more geared towards the value-added market, we have generated a strong order book right across all sectors and, especially in GB where we are poised for strong growth in 2019.

"During the nine month period in question the Company completed a major capital investment of £2m on a wash plant facility in Fivemiletown that will enable it to improve the efficiency of its quarrying operations as well as providing improvements to finished products due to the high and consistent quality of the raw materials used. This investment supports the Company's ongoing commitment to minimise the impact of its operations on the environment.

"The Directors intend to continue with further capital investments and debt reductions over the next few years. We also intend to continue the Company's investment in Research and Development to ensure we remain at the forefront of innovation within our sector."

(CM/JG)