Military equipment company makes €1.6m profit in 2010
Published 17/11/2011 | 05:00
TIMONEY Holdings, a Meath-based company that supplies equipment used by the US marines (above) and other armies made profits of more than €1m last year.
Timoney designs and manufactures state-of-the-art specialist suspension systems used in military vehicles, including parts for armoured cars, and unmanned vehicles.
Accounts just filed with the Companies Registration Office show sales at Timoney fell to €6.46m from €10.7m in the year to the end of 2010.
Pre-tax profits, however, were up over the same period to €1.16m from €1m in 2009. The company was set up in 1986.
Singapore Technologies acquired a 25pc stake in Timoney Technology for €3.4m in 2002.
The company started as a supplier to the Irish Army, is based in the tiny Meath Gaeltacht and has 34 staff.