Greater Manchester, England building envelope contractor FK Group last week announced their acquisition of long-time partner Premo Fabrication after revealing strong financial results for the just-ended quarter.
FK Group said that the year ending on March 31 yielded turnover of £107 million, up by 60 percent on the year. All in, the firm said they ended the year with a pre-tax profit of £2.5 million. Further, as the company says it has about £100 million in sales either booked or on order for 2020/2021, FK Group estimates they are on track to deliver even stronger numbers at the end of the current fiscal year.
With the just-ended year’s robust bottom line as a backdrop, FK Group revealed its purchase of Premo, an aluminium building materials manufacturer based in Northeast England. Premo produces a wide variety of aluminium products, including curtain walling, rainscreen, doors, windows, and architectural fabrications.
FK Group chief executive Francis Keenan said the purchase shored up his firm’s offsite capability as well as demonstrating a commitment to sustainability in its product chain.
“We have had another impressive year, thanks to the dedication and commitment of our people and partners. We continue to prove our capabilities in providing the complete building envelope solution.”
“Our pipeline for 2019-2020 is solid, with over £80m worth of projects secured, so we remain positive about the future,” Keenan continued. “Our confidence has led us to develop our offering and strengthen our brand with the purchase of our partner, Premo Fabrications.”
“With the market’s emphasis moving increasingly to Modern Methods of Construction developing off-site has been in our plans for a while,” he concluded. “As a longstanding partner with a strong understanding of our business, they are the right fit.”
FK Group did not disclose financial details of the deal, nor describe a timeline for the purchase’s closure.