MJM Group issues Brexit warning as turnover drops

A Newry group with a global business has warned that the “uncertainty that surrounds Brexit” continues to be challenging, as it reports a £12 million(€13.4 million) slump in turnover for 2017.

The MJM Group, which makes 85 per cent of its sales outside of the UK, saw its total turnover fall to £49.5 million last year compared to £61.5 million in 2016.

But the family owned group, whose business portfolio includes a specialist interior fit-out firm and also retail, commercial, aviation and residential investments across Northern Ireland, also recorded a slight increase in pre-tax profits for 2017 up to £7.8 million.

The MJM Group, which was established by the Rathfriland-based entrepreneur Brian McConville 35 years ago, said it is considering any “likely commercial/supply chain risks associated with various potential outcomes of the Brexit impact”.

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The group has built an international reputation as a specialist in cruise ship fit out and refurbishment and regularly works with some of the top industry operators including Disney Cruise Lines and Royal Caribbean Cruises.

Its latest set of accounts show MJM’s turnover outside of the UK totalled £42 million last year compared to £49.8 million a year earlier while in the UK MJM’s turnover also fell from £11.6 million to £7.4 million.