€1.8m loss and no dividend at Enfer Scientific

THE owners of Enfer Scientific, the BSE test maker, did not take a dividend payment last year after the company swung into losses.

The Clonmel-based firm paid out a total dividend of €2.8 million in 2006.

Enfer is owned by Louis Ronan and veterinary surgeon Michael O’Connor.

The company swung into losses last year of €1.8m following pre-tax profits of €2.69m in the previous year, according to accounts just filed.

“The group turnover was reduced during the year and lower levels of profit were achieved,” the company said in a note with the 2007 accounts.

Turnover in 2007 was €9.4m from €13.2m in 2006. No reason was given in the accounts for the decline in turnover.

The accounts show no increase in employment at the firm over the year, despite announcing plans last year to double its workforce following the opening of a manufacturing facility in Naas, Co Kildare. Enfer employed 100 people at the 2007 year end.

Closing shareholders funds dropped from €4.6m to €2.8m in 2007.

The company also notes that the group’s associated company, Bellpharma Limited, ceased operations since the year end.

“Impaired costs of €362,287 have been charged in the financial statement to 31 December 2007,” the accounts read.

Enfer was set up in Cashel, Co Tipperary in 1990. It supplies BSE testing kits to farmers around the world.