MJM Group today announced its results to end of 31st December 2017 which show strong growth and a firm focus on driving profitability.
- Whilst turnover has decreased to £49.5 million, profit before tax has increased to £7.8m. The company spent considerable time in 2017 on strategic planning- developing new markets and building on capability. Driving lean principles and efficiencies is reflected in increased profitability.
- In 2017 the business worked on securing a pipeline of ‘firsts’ for 2018, with the first drydock project achieved in China in January 2018 and the first major refit in a UK/Ireland port taking place in Belfast in April 2018.
- Continued investment in capital expenditure and human resources is setting the company up for the next phase of growth.
Gary Annett, CEO MJM Group said, “We are pleased with the 2017 results. We are laying foundations for the business to evolve and expand further into end to end project management. We are increasing the scope of the work we do for our valued customers. 2017 was the first year of a strategic plan to build on our capability. While spending time on this preparatory work we have allowed for a short term decrease in turnover.
“We have put a significant effort into driving lean principles, efficiencies and continuous improvement internally to drive profitability. This is an effort that will continue throughout 2018.
“The lack of certainty around Brexit continues to be a concern and we are closely monitoring the debate to ensure we are ready to react and adapt.”
The increasing scope of the business leaves MJM Group confident of their future pipeline, with a clear strategy to be a long-term partner for its solid customer base.