Turnover reached £118.5m, up 24% from the previous year’s £95.6m, and pre-tax profit was up 45% from £2.4m to £3.5m.
Growth was attributed to an increase in demand for Lakesmere in-house manufacturing and off-site construction capabilities. This has led to significant investment and expansion of the McMullen Facades’ factory into new larger premises in Northern Ireland and the establishment of a new manufacturing facility in China to support Lakesmere’s growth in Hong Kong and southeast Asia. In the UK, work in the high-rise residential market as well as contracts across the commercial, education and transport infrastructure sectors have helped fuel growth.
Lakesmere was subject to a management buy-out at the end of 2015. [See previous report here.]
McMullen Facades managing director Ted McMullen has now become group chief executive. Mark Davey, who founded the company in 1993, is now chairman of the Lakesmere Group with specific responsibility for the international business. Adding further strength to the executive team is group chief operating officer Ed McKenzie, group chief financial officer Mark Johnson (who led the MBO) and Ronnie Mills, who has taken over from Ted McMullen as managing director of McMullen Facades. David Gray continues as the regional managing director of Lakesmere North.
Ted McMullen said: “As the group continues to flourish, our range of products and our unique design capabilities afford excellent opportunities for future growth with our chosen business partners and customers. This includes a drive towards off-site manufacture where there is opportunity to do so, in roofing and cladding as well as unitised facades.
“Recruitment, retention and development of staff also continues to be an important part of our strategy. We have some of the best talent in the industry and developing their competencies and capabilities to further improve the service we provide to our customers is a priority for us.”