Tyrone-based textile firm Cooneen sees rise in profits
PROFITS and turnover at Co Tyrone textile firm Cooneen By Design recovered last year as the firm expanded its workforce, new accounts show.
The group, whose directors include Northern Ireland industrialist John B McGuckian, reported a 50% fall in pre-tax profits last year, with revenues slipping by £14m to £59.7m.
But the company said revenues grew by 7.3% to £64m in the 12 months to November 30 2018, with pre-tax profits returning upwards to £3.4m.
While its financial performance still fell below 2016 levels, the company went on a recruitment drive in 2018, adding 21 staff, leaving its workforce at 171.
The Fivemiletown company’s products range from military clothing to work uniforms and childrenswear featuring cartoon characters like Peppa Pig.
According to the report filed with Companies House, the upsurge in profit was largely the result of an increase in the value of stock and debtors on the books.
A brief group strategic report from managing director Eugene Greene accompanying the accounts said: “Market conditions have been very competitive in 2018 and will continue to remain so in the current year.
“The directors aim to maintain market share and continue to meet its customer requirements.”
Founded over 50 years ago, Cooneen’s operation includes offices in England, China, Bangladesh and the United States.
Although its headquarters is registered in Ballymena, the company’s principal place of business remains at Cooneen Road in Fivemiletown.
Total staff costs for the group’s 171 workers last year stood at £6.1m, half a million pounds more than in 2017.
The amount paid to directors fell last year from £563,384 to £471,091 during the reporting period, which saw Kevin McMahon step down as director.
The highest paid director received remuneration of £253,003 in 2018, slightly up on 2017’s £248,717.
Cooneen By Design’s subsidiary firms include Hawk Holdings, Hawk Protection Incorporated, Cooneen Protection Ltd, Cooneen Defence Ltd and Cooneen at Work Ltd.
It also has a 50% holding in licensing company C&M Licensing.
Cooneen’s biggest clients include Mothercare, Disney, Asda, RAC and the UK’s Ministry of Defence.
The company’s portfolio of licenses include dozens of well known brands including Marvel, Lego, Nickelodeon, Warner Brothers, Universal and Peppa Pig. A BELFAST bartender is set to join some of the world’s top talent at Moscow Bar Show.
Michael Patterson, food and beverage manager at Belfast hotel, Bullitt, departs for a two night stint in Saint Petersburg, Russia from September 4-6 as part of the Moet Hennessy Assemblage Programme.
He was hand-picked by Dillon Bass, owners of the Moet Hennessy portfolio in Northern Ireland, to act as their ambassador.
He will also showcase his own cocktail creation, named ‘Jas & Ginger’ after the famous Jas Hennessy.
A modern take on the classic sidecar, it is a sharp and sour mix of Hennessy VS, Cointreau and lemon juice, with ginger extract and a Sauternes reduction.
“It’s great to have the opportunity to come together with peers from so many parts of the world, as we all come from different backgrounds and there is so much to be learned from one another,” said Michael.
“Certain cities are famed for their own unique bartending style, but I have no idea what to expect from St Petersburg. I am really excited to find out what the city has to offer.”