Offsite manufacturing specialist, McAvoy Group Limited has marked its 50th year in business with a continued return to sustainable profitability, according to its latest set of consolidated group accounts.
The Lisburn-based company has reported a rise in turnover to £71.5m for the 13-month period to 31 May 2022, compared to £23.8m for the six-month period ending April 2021. Meanwhile, the company generated an EBITDA of £6.2m for the same period, compared to £2.4m for the period ending April 2021.
The company strengthened its balance sheet on 31 May 2022 with net debt of 0.8 x EBITDA and equity of £4.9m.
McAvoy Group’s continued return to sustainable profitability and underlying business growth has included several key project successes including the world’s first International Baccalaureate special free school for children with autism at Cavendish, a Low Carbon Pathfinder School for the Department for Education at Redhill and the securing of a significant ten-year rental contract at University Hospitals Birmingham NHS Foundation Trust.
During the most recent financial period, McAvoy Group announced a significant multi-million expansion programme that included the launch of a new SmartSpace semi-permanent modular fleet that will ensure McAvoy has one of the newest modular fleets in the UK and Ireland. The investment will more than double the capacity of the company’s semi-permanent fleet for rental and will include the creation of approximately 50 new jobs over the next three years.
CEO, Ron Clarke said: “The group is experiencing robust and continued interest in its proposition, supported by favourable structural tailwinds and the Board, with the continued support of our shareholders, has embarked upon a strategic growth plan which includes the creation of a modern and highly flexible rental fleet. Designed and built to enhance energy and fire protection standards, SmartSpace provides our customers with sustainable space solutions which will allow significant scope for future value creation.”
He continued: “Whilst recognising that the trading environment will remain challenged by ongoing geopolitical tensions and inflationary cost pressures, we continue to see strong underlying demand for the company’s sustainable building solutions.”
McAvoy is one of the UK and Ireland’s market leaders in the precision manufacture and delivery of high-quality permanent and semi-permanent modular buildings. Its adaptable and sustainable space solutions are sought after in sectors including health, education, commercial and infrastructure. Innovation continues to be a central part of the company’s activities with several ongoing R&D projects following its involvement in Seismic I and Seismic II which developed a new componentised, platform-based approach to manufacturing and construction, which can be adopted by multiple manufacturers.