Co Tyrone paving and building products firm AG has reported a pre-tax profit of £3.4 million for 2023.

The Fivemiletown-based operation, formerly known as Acheson and Glover, saw its turnover increase by 10 per cent to £29.2 million last year.

Higher costs in the construction sector impacted the company's profits in 2022, with profit before tax falling to just under £45,000 for the year. The latest annual report, published by Companies House, indicates that costs remained elevated in 2023. Although the report does not detail the specific transaction, it does cover the period during which AG announced the closure of its site between Dungannon and Moy in April 2023.

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Manufacturing at the Old Moy Road site ceased in 2022, coinciding with AG's £3 million investment in a new factory in Fivemiletown. The Acheson family has continued to rebuild and repurpose the business following a challenging period leading up to 2018, which saw the collapse of its precast concrete division. The company was among those that experienced a surge in demand for paving products during the Covid-19 lockdowns.

In commentary published alongside the latest accounts, company owner Raymond Acheson remained upbeat on the group’s future: "The group has a strong order book and pipeline of work for customers across the UK and Ireland."

He said the company "will continue to invest and innovate to bring high quality desirable products to the specifications market and grow the sales team to secure further orders."

The director said he is confident that the business is well positioned and resourced to achieve further growth. According to the annual report, AG had an average of 223 staff on its books for the year to December 31 2023, down from 225 from 2022. The group's annual wage bill increased 6.5 per cent in 2023 to £9.8m.