Pre-tax losses increase to €2.25m at Tegral
A DOUBLING of revenues overseas by the Irish arm of building materials' manufacturer, Tegral was not to prevent further losses at the firm in 2013.
New accounts just filed by the Co Kildare firm show that the firm recorded pre-tax losses of €2.25m and this followed losses of €2.23m in 2012.
The firm's continuing losses came in spite of revenues increasing by 10pc from €24.86m to €27.28m in the 12 months to the end of December 2013.
The firm's overseas revenues were boosted by European revenues almost doubling from €4.34m to €8.2m with a note attached stating that the overall boost in revenues arose from an increase in intracompany sales to the UK region.
The accounts show that the Belgian owned firm received a cash injection of €15m in 2013.
According to the directors' report "the company remains well positioned to take advantage of further appropriate prospects and continues to pursue opportunities in Tegral's traditional rigorous and disciplined manner".
Revenues in Ireland in 2013 dropped from €20.5m to €19m while in Europe they increased by 89.5pc to €8.22m.
Numbers employed reduced from by nine to 102 with staff costs reducing to €5.69m.