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Construction giant boosts profits after major restructure

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Northstone (NI) Limited – aka Farrans Construction – has delivered increased profits following a major restructure of its various divisions.  

Credit: Farrans.

Until May 2023, Northstone (NI) Limited included three divisions — Farrans Construction, Northstone Materials, and Cubis. 

However, the company carried out a restructuring programme in which the trade, assets and liabilities of the materials, materials testing and Cubis divisions were transferred out into separate entities. 

Northstone’s trading division is now only Farrans Construction, providing building and civil engineering activities. 

“Market conditions continued to be very challenging,” a financial statement read following the restructure.  

“However, through the management of costs in a competitive environment, the company remained profitable during the period.” 

Turnover for the year ended 31 December 2023 was £512.4 million, down slightly from £539.9 million the year prior, generating a pre-tax profit of £8.1 million (FY2022: £7.1 million).   

Northstone turned in an operating profit of £7.5 million, up from £7.4 million in the previous year.       

At the year end, its balance sheet had net assets and total equity of £19.4 million, compared to £139 million the year before, with cash reserves of £14 million (FY2022: £16.2 million).          

The Belfast-headquartered business posted profit for the year of £6.7 million, compared to £5.4 million recorded the year prior. 

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