Galway’s C&F Tooling in profit after difficult 2013

Galway manufacturing group, C&F Tooling returned to profitability in 2014 after recording a pre-tax loss of €12.28m the previous year, according to new accounts.

The accounts are for 2013 and show revenues at C&F Tooling Ltd and subsidiaries fell 17% to €114.56m in that year.

The directors however say that since the end of the year costs have been reduced and the group returned to profitability in 2014.

The pre-tax loss at the group in 2013, which employed 1,342 people, followed a profit of €4.5m in 2012.

Staff costs had jumped 25% from €32.5m to €40.7m.

C&F is based in a 180,000 sq ft facility at Athenry in Co Galway and has manufacturing companies in the US, the UK, Germany, the Czech Republic, China, and the Philippines.

It designs and manufactures machine parts, components and general tools for the automotive industry, and also designs and manufactures wind turbines.

However, the directors say it “endured a difficult financial year in 2013 with trading losses of €10.36m.”

The firm reviewed its operations and dealt with issues such as delays in rolling out new projects and high costs for materials and staff.

Established by Michael Carr and John Flaherty in 1989, it underwent rapid growth.

Mr Flaherty was named Ernst & Young Entrepreneur of the Year in 2008.

“The group balance sheet remains very solid and will continue to strengthen,” the directors say.