Linen firm’s profits take a nosedive

WEXFORD linen rental firm Celtic Linen has seen its profits fall buy nearly third despite a rise in turnover, according to its latest annual accounts.

Documents filed recently at the Companies Registration Office (CRO) show that Celtic Linen’s pre-tax profits fell from €2.08 million to €1.57m in the year to the end of February 2003.

Turnover for the period, however, was up, rising from €23.8m to €25.1m. The company’s accounts reveal that the most of the dip in profitability came from a rise in administration expense, which rose from €4.02m to €4.5m over the 12 months.