CATTLE TRADING firm Purcell Brothers has reduced its pretax losses from €1.88 million in 2007 to €530,146 in the 24-month period ending December 31st, 2009.

This result brought the company’s total accumulated losses to almost €6 million.

According to the directors’ report in the latest accounts filed with the Companies Office, the future of Purcell Brothers depends on the continued support of directors Gerry and Patrick Purcell, who provide capital finance to support its activities.

At December 31st, 2009, a balance of €6.2 million was owed to directors. This compared to €14.6 million at the end of 2007.

At the end of 2009, Patrick Purcell was owed almost €3.3 million, while Gerry Purcell was owed €2.9 million by the company.

According to the accounts, the two directors have outlined their commitment and ability to continue supporting the company financially.

Purcell Brothers recorded a cash inflow before financing of €8.7 million during the period, but it repaid €8.4 million in long-term loans.

This resulted in a net debt position, factoring in cash, of just under €6 million.

In addition to cattle trading, the company was involved in property investment and share trading during the period. It employed two staff members and incurred payroll costs of €117,253.

In 2000, the company became embroiled in a legal battle over debts of €8.1 million arising from currency speculation.