Farrans Construction has battled “very challenging” trading conditions to return a mixed financial performance in its latest accounts, as John Sisk & Son prepares to take over the Northern Ireland-headquartered business.
Latest accounts for the year ended 31 December 2024, reveal Farrans’ operating profit had fallen by more than 59 per cent from £7.5 million in 2023 to £3 million last year, while its revenue had also decreased to £382.3 million, a 25.4 per cent reduction on its income in the previous year (£512.4 million).
Net assets for the Belfast-headquartered building and civil engineering contractor, meanwhile, remained positive during the period at more than £22.3 million (FY2023: £19.4 million) and were underpinned by a healthy cash position of more than £9.3 million (FY2023: £14 million).
Looking ahead to its anticipated trading performance for 2025, bosses said the final result will likely be “similar to 2024”.
“Market conditions continued to be very challenging,” Farrans bosses said. “However, through the management of costs in a competitive environment, the company remained profitable during the period […] and together with strong working capital management the financial position [year-end] remains healthy.”
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Sisk acquisition
John Sisk & Son recently announced a deal had been reached to acquire Farrans Construction from parent company, CRH.
CRH, which also owns Tarmac, had revealed plans for the sale in 2022 as part of a strategic review.
Sisk chief executive Paul Brown said the acquisition will create a “significant opportunity” for the host company to capitalise on major infrastructure markets, including those in the growing aviation, energy, water and utility sectors.
During the year Farrans reported an employee headcount of 655, a reduction of more than 37 per cent on the previous period.
Profit for the year was down by more than 56 per cent, to £2.9 million, compared to £6.7 million in 2023.
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