Tegral tiles Irish subsidiary posts loss for 2013

A doubling of revenues overseas by the Irish arm of building materials’ manufacturer Tegral was not enough to prevent further losses at the firm in 2013.

Accounts just filed by the Co Kildare firm show it recorded pre-tax losses of €2.25m, following the losses of €2.23m posted for 2012.

The losses came in spite of revenues increasing by 10% from €24.86m to €27.28m in the 12 months to the end of December 2013.

European revenues almost doubled from €4.34m to €8.2m, with a note attached stating that the overall boost in revenues arose from an increase in intra-company sales to the UK region.

The accounts show that the Belgian-owned holding company received a cash injection of €15m in 2013.

The directors’ report said “management remains firmly concentrated on operational delivery. The company remains well positioned to take advantage of further appropriate prospects and continues to pursue opportunities in Tegral’s traditional rigorous and disciplined manner”.

The principal activity of the firm continues to be the manufacture and the sale of roofing, cladding products, and profiled metal sheeting.

The accounts show that while the revenues in Ireland in 2013 dropped from €20.5m to €19m, in Europe they increased by 89.5% to €8.22m.

Numbers employed by the firm last year reduced from 111 to 102 with staff costs falling from €6.16m to €5.69m. A breakdown of the numbers employed show that 54 were engaged in production and maintenance and 48 in administration, sales, and distribution.

The firm’s non-cash depreciation and amortisation costs totalled €588,338.

Aggregate pay for directors totalled €300,486. The firm made an actuarial gain on its pension scheme of €3.83m. No dividend was paid by the firm last year.

Accumulated losses last year totalled €21.47m.

The cash injection of €15m helped reduce the firm’s shareholders’ deficit from €19.54m to €3.8m. The firm’s cash pile reduced from €638,561 to €378,324.

The accounts state the firm has received a large number of claims in relation to health and safety issues. At the end of 2013, €5m had been provided under the heading of health and safety.