NI Manufacturer clears £19.5m debt as it marks 65 Years
24th Sep 2025
Paving and building products manufacturer AG has repaid £19.5m in bank term loans after a ten-year debt reduction strategy, newly filed accounts show.
The Co Tyrone company, which is marking 65 years in business, said the final repayments were made in 2024 following the sale of non-core assets not essential to ongoing operations. The move completes a process that began in 2014, when bank term loans stood at £19.5m.
Accounts for the year to December 2024 show turnover fell to £27.8m, down from £29.2m the previous year. Gross profit declined to £10.4m from £11.9m, with margins narrowing to 37.3% from 40.6%.
The firm which trades across the UK and Ireland, reported a £1.5m operating loss, compared to a £3.9m profit in 2023. However, the 2023 result included one-off gains from non-core asset sales. Adjusted for these, the year-on-year change was more modest.
Directors said the 2024 performance was manageable given the group’s focus on long-term debt reduction and cost control.
They said:
“The sale of further non-core assets during the year enabled the repayment of all remaining bank term loans. The directors believe this significantly strengthens the company’s financial position and reduces ongoing interest costs.”
Despite softer demand across the construction sector and rising material costs, AG said it remains focused on streamlining operations and maintaining supply chain resilience. The business continues to invest in digital capability, customer service and product innovation, including low-carbon and responsibly sourced materials aimed at supporting the transition to more sustainable construction.
In 2024, AG published Environmental Product Declarations (EPDs) for more than 370 products, retained ISO 14001, 9001 and 45001 certifications, and achieved an “Excellent” rating under the BES 6001 responsible sourcing framework.
The company picked up three awards at the 2024 MPA Health and Safety Awards and received recognition at the BITC Responsible Business Awards. It was also named Green Exporter of the Year at the All-Ireland Sustainability Awards and Sustainable Manufacturing Business of the Year at the Business Eye Awards.
With over six decades of industry experience, AG said it remains confident in its long-term prospects, underpinned by continued investment, a strong order book and a loyal customer base.
AG employs over 200 staff across its manufacturing and distribution sites including Fivemiletown, Toome, Pomeroy and Carryduff. It supplies a wide range of paving, walling and facing brick products to the commercial and residential markets through builders’ merchants and direct-to-customer channels.
Belfast Region already reaping rewards from City Deal programme of investment
24th Sep 2025
Read Article