Financial statements for the business, owned by the McConville family from Co Down, show net pre-tax profits soared from £23,337 to £5.6m during year. Turnover was up from £21.5m in 2022.
As turnover increased, so did cost of sales, according to the newly-filed statements, rising from £17.1m in 2022 to £46.4m last year.
The company is part of the MJM Group, with three McConville family members directors of the company. The fourth director is Mivan chief executive, John Cunningham.
Based at Greystone Road in Antrim, it carries out high-end interior fit-outs for sectors including the super-prime residential market, luxury hotels and marine and rail clients. MJM acquired Mivan’s assets in 2014 after the company had gone into administration.
In the last few years, it carried out joinery work on Auriens Chelsea, a development of luxury retirement residences in London which was completed in 2021. Mivan also worked on apartments at One Hyde Park in London.
In a business review within the financial statements, directors said: “The company completed several contracts during the year and neared practical completion at the year end on three large contracts.
“At the beginning of the year, we signed a major new contract and continued to work on this throughout 2023 and into 2024.
“Our secured workbook at the end of 2023 was more than £70m and we continue to tender for work in our targeted sectors in line with our strategic growth plan.”
Speaking to the Belfast Telegraph, Mr Cunningham said: “Last year was a fantastic year for Mivan and these accounts demonstrate that. We are on track to meet our strategic growth plan targets.
“This year we are forecasting to reach £75m turnover, and with an expanding order book, the future is very bright.
“Thanks to all the Mivan people, without whom these results would not be possible.”
The company said it keeps details of its present workload under wraps as it is required by clients to sign non-disclosure agreements.
Staff costs during 2023 went from £7.5m to £10.9m, with staff numbers rising from 156 to 211. Numbers employed in production went from 87 to 123, with numbers working in contracting rising from 39 to 58. There were also three marketing staff.
The business review stated that the company had ended the year with £9.6m in cash, up from £8.9m the year before, and operates with no long-term external debt.
It added: “The company has made significant investment in overheads to facilitate the growth of the business and continues to invest in its design and manufacturing departments to ensure that we can continue to deliver the highest-quality products to our clients.
“Part of the continued investment in overheads has been people development and the company continues to invest in its award-winning apprenticeship programme, with a further 10 apprenticeships starting in the year and to extend our graduate intake programme.”
But the review added that it faced some economic risk due to an uncertain geopolitical environment, with the company monitoring inflationary pressures, interest rate movements and fluctuating exchange rates, while adapting strategies to mitigate risks.
It had entered its second year of a five-year strategic plan, adding that it had made “significant progress in securing new contracts and broadening its customer base and the sectors in which it operates”.