Northern Ireland

Gilbert Ash profits down on 2009

The Lyric Theatre
Image caption Gilbert Ash built the new Lyric theatre in Belfast

Belfast-based construction firm Gilbert Ash has reported pre-tax profits of nearly £700,000 for 2010 on a turnover of £94m.

Turnover and profits were down compared to 2009, but come against a backdrop of continuing recession in the Northern Ireland construction sector.

The company said there were not many contracts available in NI currently and it is working further afield.

However, the firm said it was committed to its Northern Ireland base.

A company spokesperson said the outlook remained "challenging" and "extremely competitive" but it expects to remain profitable in 2011.

It points to the lack of development finance and public sector cuts as the key business risks.

The firm is one of Northern Ireland biggest construction businesses. Recent contracts include the new Lyric theatre and Victoria Square in Belfast.

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