Textiles company reports fall in profits to £2.1m

CO Tyrone textiles firm Cooneen By Design — whose directors include industrialist John B McGuckian — has reported a fall of over 50% in after-tax profits to £2.1m. Profits at the Fivemiletown firm, whose products range from military clothing to work uniforms and childrenswear featuring cartoon characters like Peppa the Pig, were down from £4.9m a year earlier. Earlier this year the group company celebrated winning a new contract for the design of staff uniforms with railway company Greater Anglia.

In a strategic report filed with the results for 2017, the company said: “Market conditions have been very competitive in 2017.

“It will continue to remain so in the current year. The directors aim to maintain market share and continue to meet its custom- er requirements.” Turnover at the firm was also down from £73.7m to £59.7m, while pre-tax profits dropped from £6.2m to £2.5m.

However, the company did not provide any further detail on sales, saying that to do so would prejudice its interests.

Staff numbers at the company were steady at 150. Directors were paid a total of £563,384, including pension scheme contributions. The highest-paid director was paid £248,717, down slightly from a year earlier when they received £249,583.

The business paid corporation tax of around £505k during 2017, down from £1.3m a year earlier.

There are six companies listed as subsidiaries of Cooneen By Design, including Hawk Holdings Ltd, Cooneen Protection Ltd and Cooneen Defence Ltd.

It also has a 50% holding in licensing company C&M Licensing.

During 2016, Cooneen By Design increased its shareholding in Cooneen Defence Limited from 76% to 100%.

Joining John B McGuckian, a former chairman at UTV Media plc, on the board of directors in 2017 were Michael Coles, Eugene Greene, and Brigid McGuckian.

However, Kevin McMahon resigned as director in May this year, while Richard Condell was appointed secretary.

In June this year, the company exhibited some of its military uniforms at industry event Eurosatory Paris.

The firm scooped three awards at the Professional Clothing Awards 2016.

It won best manufacturer/ distributor for the Transport for London uniform, and also was highly commended in the best managed major contract category for the same contract.

Additionally, it won a long service to the textile industry award.