Celtic Linen ‘confident’ firm can return to profit

The new directors of Celtic Linen have stated they are confident that the business can return to profit following the firm’s exit from examinership.

That is according to new accounts filed by Celtic Linen Ltd which show pre-tax losses at the Co Wexford firm increased three-fold to €1.2m in the 12 months to the end of February last year. Revenues fell 10% to €21.85m.

Amid mounting debts, the firm, which employs over 430 people, went into examinership in September but exited examinership at the end of the year after receiving fresh investment of €1.39m.