C&F Tooling sees profits soar 164% to €6.8m

Demand for green energy solutions has helped boost pre-tax profits at Irish manufacturing group, C&F Tooling, almost threefold to €6.8 million in 2010.

Accounts filed with the Companies Office show that the 164% increase in pre-tax profits follows revenue increasing by 35% from €57m to €77m in the 12 months Dec 31, 2010.

The numbers employed at the group increased from 850 to 882 in 2010 and are set to increase again this year as a subsidiary, C&F Green Energy, ramps up production of its wind turbines for the British market where it expects to produce 1,000 turbines for that market this year.

The group was established by Michael Carr and John Flaherty in 1989 and counts IBM, Ingersoll Rand, Glen Dimplex and Hitachi Koki on its client list.

The & group is headquartered in Athenry, Co Galway, and has manufacturing companies located in the US, the UK, the Czech Republic, China and the Philippines.

Its principal activity is the design and manufacture of machine parts and components and general tool-making for the automotive industry, while it also designs and manufactures wind turbines and renewable energy solutions.

Last July, C&F Green Energy announced the creation of 145 jobs over three years. It builds small and medium-sized wind turbines for homes, farms, and businesses.

According to the directors’ report&, “the directors consider the results for the year and the financial position of the group at the year end to be satisfactory.”

The group has a strong balance sheet with €29.7m in accumulated profits contributing to shareholder funds of €31m. The group’s cash more than doubled last year from €3m to €7.3m.

Staff costs last year rose 19% from €15.1m to €18m. Remuneration, including pension contributions, to the group’s two directors, John Flaherty and Christina Flaherty increased 33% to €523,412.

The group’s operating profits more than doubled in 2010 from €3.4m to €7.2m.

Last year, the group’s cost of sales increased from €24.9m to €37.4m with administrative expenses rose from €26.3m to €30.8m.

The group’s other operating income last year increased from €339,464 to €659,071.

The group yesterday declined to comment.