C&F profits slide 7% to €6.3m

Pre-tax profits at Galway manufacturing group C&F Tooling fell 7% last year to €6.3m.

Newly filed accounts for the company show that the group sustained the dip in profits in 2011 despite revenues increasing by 20% to €92.6m.

The numbers employed at the group rose from 882 to 1,053 last year, with staff costs going up by 26% to €22.7m. Last July, the company announced the creation of 145 jobs over the coming three years.

Established in 1989 by Michael Carr and John Flaherty, C&F today counts the likes of IBM, Ingersoll Rand, BMW, Ford, and Toshiba among its clients.

Recent growth resulted in Mr Flaherty being named the 2008 overall Ernst & Young Entrepreneur of the Year.

Headquartered in Athenry, with manufacturing subsidiaries located in the US, Britain, the Czech Republic, China, and the Philippines, the group’s 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 products.

According to the directors’ report, management “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 €31.4m in accumulated profits contributing to shareholder funds of €39m. The group’s cash fell last year from €7.3m to €6.4m.

Last year’s profit performance takes account of the non-cash cost of €2.1m in depreciation, while it was also hit by €423,296 in bank interest charges.

Remuneration, including pension contributions, to the group’s two directors, John and Christina Flaherty, rose 19% from €523,412 to €621,345.