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.


Their paths first crossed on the top floor of the library at University College Cork in October 2010 when both were students there so Amy Coleman and Steven Robinson were delighted to retrace their footsteps on their big day.Wedding of the Week: College sweethearts open new chapter

Peter Dowdall reveals why all roads will lead to Tullow in County Carlow on February 1Snowdrop patrol: Why all roads will lead to County Carlow

Lower the volume on regular crawthumping lipservice emanating from much of the body politic to instead focus on specific actions and strategies of real substance — or the lack thereof — and it becomes increasingly obvious with each passing year the State has largely given up on ‘Rural Ireland’ and, in particular, the farming community that was once the bedrock of this nation.Restaurant review: The Thatch and Thyme, Kildorrery, Co Cork

Having adopted a ‘low profile’ for the month of January, The Menu will be kicking out the jams in fine fashion at what promises to be one of the culinary events of the year ahead, an exclusive sake dinner, on February 4, in the serene sanctuary of chef Takashi Miyazaki’s Michelin-starred Ichigo Ichie, in Cork City.The Menu: Upcoming food highlights include exclusive sake dinner and a cooking competition

More From The Irish Examiner