Timber firm Glennon Bros doubles profit

Profits at timber-processing group Glennon Bros last year more than doubled to €9.3m.

The group operates plants in Fermoy, Co Cork and at Longford, as well as facilities in the UK. Last year, it commissioned a €13m secondary processing line at Fermoy.

The accounts for Glennon Bros Holdings Ltd show revenues jumped 18% to €124.38m in 2014 from €105.13m in the previous year.

Foreign exchange gains of €2.5m boosted its net profit to €9.4m.

That helped boost the group’s accumulated profits to €55.7m.

The group paid a corporation tax bill of €2.3m.

The company won the industry section in the Ernst & Young Entrepreneur award in 2010 and, in 2013, Glennon Bros celebrated 100 years in business, with Taoiseach Enda Kenny delivering the keynote address.

Last year the group benefited from some growth in the construction market that helped it to increase sawn timber sales.

Around half of its output is exported.

Staff numbers rose to 379 from 367, and staff costs rose to €13.1m from €12.51m.

Pay for the three Glennon directors, Mike, Patrick and William fell to €272,000 from €281,000.

The company paid a dividend of €24,000 last year, up from a payout of €5,096 in 2013.

The group’s profits were hit by €500,000 relating to an impairment charge on its fixed assets.