Armagh-based Cross Refrigeration has seen both turnover and profits tumble in 2016, compared to its 2015 figures, according to the latest publicly-available financial report.
The commercial refrigeration supplier posted a £12.2m turnover in the financial year to 31 October 2016, a 13% decrease on 2015’s £14m. Gross profits fell by 13% too, from £2.7m to £2.3m. However, the gross profit margin remained relatively stable at 18.8% from 2015’s £18.9%.
The report stated: “The directors commented that 2016 has been a challenging year with a fall in turnover and profit. However they believe that there is potential for future growth in Northern Ireland and especially on the mainland UK. The directors remain focused on generating business growth and profitability into 2017 with the confirmation of new contracts.”
Looking ahead, the directors commented: “Moderate growth is anticipated in the construction industry in Northern Ireland in 2017 but volatility in foreign exchange rates present a risk and the recent result of UK’s referendum on membership of the European Union has created uncertainty that may delay investment.
“Also the current political instability in Northern Ireland, with the fall of the executive, new assembly elections and the uncertainty with the government’s budget for 2017 is reducing the opportunity for government contracts within the construction industry.”
Cross Refrigeration was founded in 1968 and is part of the Cross Group, which has its origins in mid 19th century Cork. Today the commercial and industrial refrigeration supplier is led by MD Andrew Nesbitt and has 38 employees.