Business Irish

Sunday 25 February 2018

Vita Cortex group profit of €7.5m wiped by €8m losses

Gordon Deegan

FIVE firms in Jack Ronan's Vita Cortex Group recorded combined profits of €7.5m last year.

However, new figures show that the profits were more than wiped out in losses sustained in nine other Vita Cortex firms with combined losses of €8.1m in the 12 months to the end of April 30 last.

The 14 firms had net shareholder funds totalling €8.8m at the end of April. The details of the profits and losses of the Vita Cortex group firms were contained in accounts just lodged by parent firm Vita Five Five Ltd with the Companies Office.

The accounts show that the accumulated losses at the Co Tipperary parent firm totalled €5.1m at the end of April last. This followed losses of €4.2m for the firm last year.

Vita Five Five Ltd subsidiary Vita Cortex was involved in a long-running dispute earlier this year when workers staged a five-month sit-in at the company's Cork plant in a row over redundancy payments. They ended their sit-in last May after receiving redundancy payments.

Liabilities

Vita Cortex is one of nine companies in the group to record a loss last year. The figures show that other firms to record losses included Cortex Packaging Ltd with a loss of €1.2m; Vita Cortex (Ind) Ltd with a with a loss of €2.1m; Vita Cortex Ltd with a loss at of €1.7m; Vita Cortex (Technologies) Ltd with a loss of €678,792; and Crebito Ltd with a €674,230 loss.

The accounts also show that Vita Cortex (Dublin) recorded a profit of €4.2m, Vita Cortex Holdings Ltd recorded a profit of €859,882 and Longhaul Technologies Ltd recorded a profit of €764,645. Northern Ireland firm Vita Cortex (Ind) Ltd recorded profits of €978,658 (€1.25m).

The accounts for Vita Five Five Ltd confirm that it has current liabilities of €222,835 and net liabilities of €5.1m.

According to a note attached to the accounts, "the directors have submitted a business plan to the National Asset Management Agency (NAMA)".

It states: "The business plan includes financial projections and, based on this, NAMA has confirmed in writing its support for implementation of the business plan, which will be reviewed on a regular basis.

"On this basis, the directors believe that the company will have sufficient resources to continue in operational existence."

Irish Independent

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