Construction services company, Dowds Group will have an increased revenue of up to £80m in the financial year with continuing expansion and job creation.
According to reports in the Irish News and Insider Media the Ballymena-based business will, however, have profits down, as a result of inflationary pressures.
Revenues grew for Dowds 29% year-on-year to £53.1 million for the 12 months ending March 2023, helped by a number of major new contracts. The increased costs saw the company record a pre-tax loss of £2.8m in the latest year.
The Group’s loss was put down to additional investment in human resources and two projects, incurred ‘unavoidable over-runs and cost escalations’.
In addition it invested approximately £3m in its new headquarters at Ballymena’s Parkway in the latest financial year, which followed the opening of a new London office in King’s Cross.
Dowds Group, in addition, launched a new energy solutions division and expanded into the commercial fit-out with a joint venture with Farrans.
The revenue growth followed new major contracts including a substantial mechanical and electrical project at the new Grand Central Station in Belfast; a major pharma project; and an industrial facility for Belfast Harbour.
James Dowds, Group Managing Director explained that the company had already secured 97% of its £80m revenue target for the current financial year and will see them create 15 new jobs.
“This is an exciting period for the Dowds Group as we further deepen our footprint across Britain, Northern Ireland, and the Republic of Ireland,” said Mr Dowds.
“We believe there is considerable potential for our new energy solutions division and the market has responded well to our offering since our launch in November 2022.”
