Co Tyrone Door Maker Sees Profits Rising 14% to £4.2m as it Plans More Expansion
A Co Tyrone kitchen and bedroom door maker has seen pre-tax profits increase to almost £4.2m.
BA Components in Cookstown was founded in 1990 by twins Brian and Kieran McCracken.
The firm has now witnessed a boost in profits, according to the latest accounts for BA Kitchen Components Ltd, for the year ending March 31, 2017.
Profits rose by more than 14%, increasing from £3.6m to £4.2m in the last year.
Overall, revenues remained fairly static, sitting at £29.3m, according to the latest accounts.
The company also grew its staff numbers, rising from 237 to 242.
“The company will continue to seek every opportunity to increase profitable turnover”, the firm said in its strategic report.
“The directors are committed to long-term creation of shareholder value by increasing the company’s market share in the UK, Irish and global markets.
“While the current economic conditions remain challenging, the directors are confident that their strategy will result in future growth in turnover, and in profitability.
“Further successful implementation of their growth strategy, combined with achievement of improvements in buying, inventory management, and overhead cost savings has resulted in the satisfactory results for 2017, despite the sector remaining highly competitive and the continued challenging economic environment.”
The company said that “early results for the incoming year are satisfactory and the directors expect another year of satisfactory progress”.
BA manufactures kitchen and bedroom doors and furniture components. And earlier this month, the company received funding from H2 Equity Partners, which it said would enable it to continue investing in its manufacturing sites and bring out new product ranges.
Brian McCracken is staying in his role of managing director, while Kieran McCracken remains as operations director. H2 partners Simon Gilbert and Cathal Turley are joining as directors.
BA has become a major UK manufacturer and exporter to the UK, European and global furniture components industry.
It supplies more than 50,000 doors a week to companies worldwide.
It already exports to 27 countries but is hoping to develop the potential of the Chinese and Middle East markets.
As well as its site in Cookstown, the company also manufactures in Doncaster in Yorkshire and at BA Clic Components in Rotherham, where it puts together its tool-less assembly ClicBox kitchen and furniture cabinets. The Rotherham site was established last year.
A spokesman said: “BA are pleased to announce this significant new investment from H2 Equity Partners, which will support BA’s strategy of continued investment in our manufacturing sites and bringing new product ranges to market and being able to serve all parts of the market.”
Source: belfasttelegraph.co.uk
