Northern Ireland offsite manufacturer continues rental fleet expansion in UK and Ireland

A Northern Ireland modular construction group is set to invest strongly in the growth of its SmartSpace temporary building fleet following demand across the healthcare, pharma, education and commercial sectors.

Based in Lisburn, McAvoy revealed a strong performance last year within its rental division with revenues of £12million and is on track to achieve revenues in excess of £70m total group turnover by the end of 2024.

In response to the demand, the firm has launched additional new innovative space solutions via its QSpace and ESpace single modular buildings.

The business also continues to experience high demand for rental projects in both the healthcare and education sectors, including a second, significant 10-year rental contract for University Hospitals Birmingham NHS Foundation Trust.

Investment in manufacturing capability has continued with the acquisition of a custom-built mobile gantry, increasing efficiency and improving workplace safety. This commitment to investment in the business also includes ESG, digital technologies, recruitment, and people development.

CEO, Ron Clarke, said: “The group continues to see strong interest in its proposition, and with the continued support of our shareholders the company is in an excellent position to deliver its strategic growth plan.

"We are confident that our high performing temporary and permanent buildings will continue to deliver modern, flexible, and sustainable space solutions to our customers. Looking ahead we are on track to deliver a significant increase in performance in 2024.”

During the past year, the business has delivered a number of key projects across the country, including a new Collaborative Research & Innovation Centre in Wiltshire, the pioneering “Low Carbon Pathfinder” 900 pupil school at Redhill in Surrey for the Department for Education and two 24-bed ward buildings at Antrim Area Hospital. The company has also been chosen by the Department for Education to design and build a £37.5m, 1,200-place Academy in Essex.

Furthermore, several of the company’s projects and innovations have been recognised by independent peer group awards, including Healthcare Project of the Year at the recent Offsite Awards.

For the period ended May 31 2023 McAvoy reports a strong performance within its rental division with revenues of £12million and EBITDA (earnings before interest, taxes, depreciation, and amortization) growing to £3.8million primarily due to rental fleet expansion in the health and education sectors in the UK.

The business also reports a steady performance in its permanent offsite division. In its latest set of consolidated accounts McAvoy’s revenues were £60m and also generating £5m EBITDA.

For the period ending FY24 the business is on track to achieve revenues in excess of £70m, primarily driven by investment in the fleet and further success in the temporary segment.