Tegral in the red as revenues fall

BUILDING materials manufacturer, Tegral swung into the red last year after revenues decreased 28% to €29 million.

Documents recently lodged by Tegral Building Products Ltd to the Companies Office show it recorded a pre-tax loss of €229,282 last year after recording a pre-tax profit of €59,235 in 2009.

The numbers employed at the company — which is the main sponsor of the Kildare county football team — fell from 193 to 157 over the course of the year. Staff costs fell as a result, from €10.7m to €7.8m

In June this year, Tegral announced it was seeking 52 redundancies in response to the collapse in the Irish construction sector.

Last year, the company secured planning permission for a €75m state-of-the-art production facility on a 38-acre site in Athy. However, that plan was put on hold this summer until the market recovers.

The directors claim that “the company remains well positioned to take advantage of further appropriate prospects and continues to pursue opportunities”.

Tegral revenues decreased from €40.8m to €29.1m while cost of sales fell from €28m to €24.2m. Shareholder funds were €4.8m.

The company recorded an operating loss of €544,109 compared to an operating profit of €559,986 in 2009. Net interest receivable of €454,293 resulted in reduced losses of €229,282.

The loss takes account of depreciation costs of €979,870, amortisation costs of €110,969 and of €220,000 paid to directors “for loss of other offices of the company”.

A note attached to the accounts states “the company has received a large number of claims in relation to alleged asbestos exposure. The directors have made provisions for the expected cost of defending these claims and where appropriate, discharging any liability arising from these claims.”