Congratulations to our Corporate Patron, MJM Marine who has recorded all-time high turnover and profit figures and added 52 staff to their workforce after an exceptional year in 2024.
Accounts filed at Companies House reveal that 2024 was something of an anomalous year in which lucrative contracts and timings perfectly aligned, adding more than £99 million to its revenues, with turnover trebling from £48.5m to £147.8m.
MJM Marine has been delivering world-class marine outfitting for over 40 years, working with many of the leading cruise companies in the world and representing Newry with such distinction on the global stage.
Pre-tax profit also more than doubled from £9.5m to £21.4, and on a bottom-line basis it retained just shy of £17m compared to £7.6m in 2023.
Headquartered in Newry and founded by Brian McConville in 1983. Now in the second generation of family leadership, The Rathbane Group which comprises of MJM Marine, Mivan, Topglass, Rathbane Holdings and NTS continues to be family led by Brian, Naoimh, Conleth and Shorlagh, with the firm playing a key role in our local economy and community.
MJM added to its talented workforce rising from 192 to 244, made up of 108 in management/administration, 60 in production and 76 on contracts.
MJM Marine are yet another fantastic example of the entrepreneurial spirit and vision within our people and local business community that sets our city and wider region apart from other places and we wish the entire team every continued success.
Gary Annett, CEO of MJM Marine told The Irish News:
“2024 was an exceptional year in the context of project demands and timing. The business exceeded its projected growth trajectory with a unique set of scheduling circumstances.”
“This led to projects falling within this time-frame, which were significantly larger than normal. And while this was welcomed and MJM Marine delivered, we recognise this is not a regular occurrence.”
“MJM Marine, has for that reason, taken a prudent five-year view of its financial position and sees 2024 as an abnormal peak in an industry led by seasonality.”
“It is expected that 2025 and 2026 will follow a much steadier growth trajectory in line with previous years. The cruise industry refit market continues to steadily grow and MJM Marine expects to track its growth accordingly.”
“We are always learning and need to be consistently agile to respond to market and client demands, to take the peaks when they come and to manage troughs effectively if they arise.”
For more info on MJM Marine, please visit:
www.mjm-group.com