Vita Cortex Ltd reports €1.75m loss

The main firm in the Vita Cortex group recorded losses totalling €1.75m last year, new figures show.

Some 23 company workers at the group’s Kinsale Rd plant in Cork were at the centre of a long-running dispute earlier this year over redundancy pay.

Workers ended a 161-day sit-in at the plant on May 24 after receiving redundancy payments from owner Jack Ronan.

President Michael D Higgins met with the former Vita Cortex workers when they visited him at Áras an Uachtaráin yesterday.

Along with operating a plant in Cork, the foam manufacturer also employs 60 workers in Cork, Athlone, and Belfast.

Now, new abridged accounts for the 12 months to the end of April of last year confirm that Vita Cortex Ltd incurred losses of €1.75m in the year and had net liabilities at year end of €232,259.

The figures show that the company’s accumulated profits at the start of the year of €1.45m became a €299,464 deficit at year end.

A note on the company’s “going concern” basis states: “The directors have considered this basis, given that the company’s balance sheet shows an excess of liabilities over assets. The company has received an assurance from fellow group company, Vita Cortex [Ind] Ltd that it will provide resources to the company to allow it to continue in operation.”

It adds: “On this basis, the directors are satisfied adequate resources are available to the company and it is appropriate to prepare the financial statements on a going concern basis.”

The loss last year follows the company marginally increasing its accumulated profits in 2010 going from €1.443m to €1.450m.

Separate accounts for Vita Cortex Holdings Ltd show that its accumulated profits increased from €101 to €859,983 during the year.

The holding company has 11 subsidiaries, including Vita Cortex Ltd.

The workers’ campaign for redundancy payments was bolstered by a series of famous names that lent support, including world champion boxer Katie Taylor, actor Cillian Murphy, former Ireland footballer Paul McGrath, singer Christy Moore, and Manchester United manager Alex Ferguson.

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