Flooring firm Ulster Carpet Mills has posted an uptick in sales as its £30m redevelopment plan is firmly underway.
According to its latest filed accounts for the year ended 31 March 2016, total sales were up by 6% to £64.1m from £60.2m in 2015. Gross profit registered an increase of 10% to £25.3m from £23m last year, whilst operating profit grew 3.9% to £7.9m from £7.6m.
Overall profit resulted in £5.4m, 14% down from its recorded profit of £6.3m in 2015.
Ulster said its plants were at ‘full capacity’ during the year generating an increase in sales in ‘most areas’ it trades. The company revealed that current trading had showed signs of a ‘slow down’ following the Brexit vote to leave the EU, however, trade its ‘expected’ to improve over the ‘latter’ part of the year due to a ‘good pipeline of prospective orders’.
The business, which has been established for more than 75 years and is based in Portadown, Northern Ireland, confirmed that its redevelopment plan is on track with the building of its new high technology dyehouse almost completed and machinery being installed, with ‘full commissioning expected early in 2017’.
Ulster reported that the full cost for this phase is around £8m, with the latter phases of its £30m redevelopment spread over the next six to seven years, resulting in a ‘complete renewal of most of the infrastructure’ at its headquarters, as well as an ‘investment in the latest automated technologies’.