Ballymena company confirms it has secured 97% of its predicted £80million turnover already

A Ballymena-based multi-disciplinary construction services group is predicting the creation of 15 new jobs as it gears up for a record £80million turnover for the period to March 2024.

The new roles at Dowds Group are expected to be required within its recently launched energy solutions division and fit-out joint venture.

The news was revealed as the management-owned business announced it had grown its turnover by 29% to £53.1m in the year ending March 31 2023.

Whilst turnover increased in this period, the group showed an operating loss of £2.8m due to inflationary pressures, challenging supply chain constraints, additional investment in human resources and two projects which experienced unavoidable over-runs and cost escalations.

However, managing director, James Dowds, said the group had estimated for all losses resulting from these projects in the past financial year.

The group invested around £3m during the period 1 April ‘22 – 31 March ’23 in new headquarters at Ballymena’s Parkway, following the opening of a new London office in King’s Cross which services its growing number of GB clients. It has also launched a new energy solutions division and expanded into the commercial fit-out sector through a joint venture with Farrans.

Mr Dowds said the business was on a strong financial footing with a solid net asset base that would increase further in the current financial year.

Dowds provides a complete package in construction from building to M&E installations, energy solutions, facilities management and fit-out to a wide range of clients across the UK and Ireland.

Dowds’ strong growth has been driven by a number of major contracts including a substantial M&E project at Grand Central Station in Belfast, a large project for a pharmaceutical manufacture, an Industrial facility for Belfast Harbour Commissioners, new ward blocks at Antrim Area Hospital, a significant infrastructure project at Queen Elizabeth Hospital London, renewables project work for Henderson Group, fitout works at Stansted Airport, and multiple major projects for local food producer Finnebrogue. The group also secured a three year facilities management contract with Northern Ireland Fire and Rescue Service.

Meanwhile the Group’s directors are optimistic for the subsequent financial year to March ’25 with a number of secured projects meaning that revenue forecast and profit forecasts are in line with projections.

James said: “This is an exciting period for the Dowds Group as we further deepen our footprint across Britain, Northern Ireland, and the Republic of Ireland. We believe there is considerable potential for our new energy solutions division and the market has responded well to our offering since our launch in November ’22.

"It is gratifying to know that we have already secured 97% of our targeted £80m revenue for our financial year ending 31st March ’24 as we seek strategically to focus our efforts on a smaller number of a larger scale projects, particularly within our Building Services (M&E) division.”

The company formed 45 years ago has worked on a host of well-known contracts including Ulster University Belfast new landmark campus, Nightingale Hospital, Whiteabbey, Royal College of Music, London, Southlakes Leisure Centre in Craigavon, Aberdeen Art Gallery and Coventry University.