Operating profit at Galway manufacturing group, C&F Tooling increased by 27 per cent to €2.279 million in 2017, new accounts show.
Accounts filed by C&F Tooling Ltd show the business recorded the increase in operating profit in spite of revenue dipping by 4 per cent from €90.87 million to €87.46 million.
Providing an update on how the business performed in 2018, the directors state that the results for 2018 “are very positive with a strengthening of the balance sheet, a significant improvement in the net current asset position, growth in profitability, improved margins and a forecast earnings before interest tax depreciation and amortisation (ebitda) for the year close to 9 per cent”.
On the 2017 performance, the directors state the year was another successful year for the C&F Tooling group and that profitability increased in line with forecast with ebitda of €7.3 million compared with €7 million in 2016.
The board states that the results for 2017 were satisfactory and look forward to further significant improvement in profitability in the years ahead.
The reduction in revenue during 2017 was in line with revenue following the decision to close the German automotive subsidiary in August 2017, the directors said.
Staff costs
The group is controlled by John and Christina Flaherty and numbers employed by the group fell marginally from 1,174 to 1,156 in 2017, with staff costs declining from €33 million to €28.9 million.
The group recorded a pretax loss of €383,025 in 2017 – an 11 per cent drop on the pretax loss of €431,268 recorded in 2016
The group recorded the 2017 loss after paying interest of €1 million and exceptional costs of €1.6 million that included a €1.2 million impairment of property and a €403,194 impairment of an investment.
The group completed the planned sale of its automotive division in October 2018 and the 2017 financial statements reflect the exceptional costs arising from the disposal of the automotive division.
At the end of 2017, the group had shareholder funds of €22.9 million that included accumulated profits of €20.99 million. Directors’ pay in 2017 totalled €499,813.
