Pre-taxprofitsup25%atTyrone engineeringcompanyCDEGlobal
CO Tyrone engineering firm CDE Global saw pre-tax profits rise by 25% last year to hit £6.4m, with the company expanding its workforce by a third.
The Cookstown-based firm, which designs and manufactures aggregate processing systems, is continuing on a growth trajectory, exporting its machinery across Asia, Africa, the Middle East, Australia and the Americas.
Its new annual report showed that turnover rose 16% to £61.9m in the year to December 31, 2017, up from £53.4m. Pre-tax profits went up 26% to £6.4m last year, again up from the £5.1m the company posted in 2016.
CDE Global’s workforce also grew from 173 in 2016 to 236 in 2017, with staff costs including wages up from £6.3m to £7.9m.
The systems built by the company are used across a series of industries, including sand and aggregates; environmental; mining; industrial sands; construction and demolition waste recycling.
Last year was a busy one, which began with a £10m project to significantly expand its headquarters.
This year the company bought the former Caterpillar factory in Newtownabbey, seen as a move to tap into a larger Belfast-based workforce to meet its demand for new skilled workers.
Last month CDE’s managing director Brendan McGurgan said the company is on course to achieve turnover of £100m by the end of 2018, with plans to add 110-150 new positions globally by 2020.
He said the firm is also targeting an increase in the machines it produces to five times its existing number.
In preparation for Brexit, CDE has asked all employees who are eligible to obtain an Irish passport.
Speaking at a recent Chartered Institute of Management Accountants event in Belfast, he
Preparations: Brendan McGurgan
said the firm was investigating the tariff rates that would apply to the equipment it produces for each of the countries it exports to.
He said CDE Global was also reviewing the shipping and transport route it could use to avoid passing through England.
He said that was in anticipation of congestion at ports.
The company’s Brexit preparations have also included an indepth review of its supply chain in order to understand its potential exposure.
“This includes asking those questions of our supplier so a shortage with them doesn’t affect us,” said Mr McGurgan.
“In March 2019 we will need to ensure we have sufficient buffer stock to accommodate any holdups in bringing materials/parts into the UK.”
He added that the company is continuing to promote the advantage of the weak pound to customers in export countries.