Pre-tax profits climb by more than 60% at Tyrone-based Terex

CO Tyrone-based engineering company Terex increased its pretaxprofitsbymorethan60%last year, making it one of Northern Ireland’s most profitable firms.

The American-owned business also bought back its expansive sites in Omagh and Dungannon in February this year, a new company report showed yesterday.

Terex GB sold both sites in 2002, subsequently operating from the premises under finance lease agreements.

Its latest accounts for the 12 months to December 31, 2017, showed turnover at the company dropped from £394.9m to £320m.

However, that decline was largely contained to discontinued operations.

Within the company’s continuing operations for 2017, turnover rose from £269.7m to £304.9m.

The upturn was largely reflected in the 62% surge recorded in pre-tax profits, from £28.2m to £45.9m.

Owned by the NYSE-listed Terex Corporation, Terex GB falls

New face: director John Sheehan

within the group’s materials processing division — one of five within the organisation.

Its operation in Northern Ireland primarily involves the design and manufacture of mobile crushing, screening and washing equipment.

Its main lines include Powerscreen, Terex Finlay and Terex Mineral.

Under a quarter (22%) of Terex GB’s turnover in 2017 was derived from the UK. Around 26% came from other European countries, with 51.7%, or £165.6m, from the rest of the world.

UK turnover went down by almost £50m between 2016 and 2017, with European turnover down £25.9m over the same period.

The new annual report revealed Terex GB Ltd employed 1,623 people at the end of 2017.

Just over 1,000 are employed at its two sites in Omagh and Dungannon. Terex also operates in England.

The report showed a decline in its production workforce last year. However, the firm has moved to increase the number of staff in sales and administration.

The report also disclosed that Terex sold an element of its trade to Groupe Meclac SA in March 2017 for £10.6m, resulting in a loss of £500,000.

According to the document, Terex GB’s tax bill was £8.4m in 2017, well up on the £5.5m of 2016, despite the cut in corporation tax last year.

At the end of 2017, the company paid a dividend of £89.6m, compared with nil in 2016.

Last year also saw a change at the top of Terex GB, with John Sheehan replacing Kevin Bradley as director alongside Eric Cohen.