Longford timber group profits soar to €9.4m
Profits at timber processing group, Glennon Bros last year more than doubled to €9.4m
The group operates plants in Fermoy, Co Cork and Longford along with facilities in the UK and last year commissioned a €13m secondary processing line at Fermoy.
According to accounts just filed by Glennon Bros Holdings Ltd to the Companies Office, revenues at the group increased by 18pc from €105.13m to €124.38m in the 12 months to the end of December last.
The company won the Industry section in the Ernst & Young Entrepreneur of the Year award in 2010 and the new figures show the Longford-based group had accumulated profits last year of €55.7m with the numbers employed increasing from 367 to 379.
The directors state that they are satisfied with the performance of the group for the year.
They state that the group plans to continue its policy of developing value added products and pursuing its sales efforts in new and existing markets.
Last year the group benefited from some stabilisation in the Irish construction market, resulting in some increased sawn timber sales in that market.
Around half of the output from the group's Irish business is still exported. Last year, the firm's pre-tax profits increased by 35pc going from €6.87m to €9.3m.
The group paid corporation tax of €2.3m. However, foreign exchange gains of €2.5m were the major contributor to the post tax profit of €9.4m. This followed profits of €4.19m in 2013.
Staff costs totalled €13.1m.