Defence forces supplier sees profits rise by 46%

EQUIPMENT supplier to the defence forces Timoney Holdings saw its pre-tax profits soar by 46% last year.

Accounts just filed for Meath- based Timoney Holdings Limited and Subsidiaries show turnover almost doubled from €5.9 million to €10.1m in 2008.

Pre-tax profit was up from €431,169 to €632,701.

Timoney exports its suspension systems to defence forces in the US, Canada, Australia and Singapore. According to the accounts the group’s activities embrace automotive and aerospace engineering.

The accounts said that the firm continues to achieve growth from the international market for its design, prototyping and component supply capabilities.

“The principal risk to the business is the uncertain nature of contract revenues and the company is addressing this by developing commercial relationships in the automotive industry with a specific number of large OEMs (original equipment manufacturer),” the accounts read.

The accounts note that no disclosure of turnover by activity and market is provided as it is the directors’ opinion that disclosure of such information would be seriously prejudicial to the interests of the group.

Directors’ remuneration was €424,107 compared with €420,004 in 2007. Gross profit was up from €2.5m to €3.2m.

At the end of last year the company employed 34 people, up one from 2007. Staff costs were just over €2m compared with €1.8m in 2007.

In 2002, Singapore Technologies acquired a 25% stake in Timoney Technology for €3.4m.

Most of the company’s design and prototype work is done in Ireland and the production is carried out in such countries as Australia and the US.