Turnaround for concrete maker Techrete with €900,000 profits
DUBLIN concrete maker Techrete recorded a significant turnaround in trading last year, with profits hitting €912,000 for the year to the end of July.
It comes after the company just broke even in 2009. According to accounts recently filed with the Companies Office, last year's profits helped bring total retained profits at the company to more than €10m.
The concrete business in general has been battered by the recession but Techrete managed to get ahead of the bust, by selling its Howth headquarters for €50m in 2007. The six-acre site has been vacant ever since.
Back in 2007 turnover at the company reached €42m, but steady declines meant turnover was back down to €28m by the end of last year, though profitability did improve.
Profits were up on the back of a cut of €2.7m in the cost of sales. The company had 202 employees at the end of July 2010, down from 250 in 2008.
Techrete designs and manufactures pre-cast architectural concrete products for the construction industry, selling to the Irish and UK markets. The company is among the Irish businesses that picked up contracts on the back of the 2012 Olympics in London.