The Galway based manufacturing company C&F Tooling had a very successful year, recording a 27 percent increase in profits to €2.279 million in 2017.
According to newly filed accounts, the C&F Tooling saw in increase in profitability despite overall revenue falling by 4 percent that year to €87.46 million.
The decline in revenue was attributed to the decision to close and automotive subsidiary in Germany in August of 2017 by the company’s directors.
The Irish Times reports that C&F Tooling expects to report another profitable year in 2018 with “forecast earnings before interest tax depreciation and amortisation (ebitda) for the year close to 9 per cent.”
The C&F Group are global manufacturers of industrial equipment and tools.
Headquartered in Athenry, the company is controlled by John and Christina Flaherty.
It employs 1,156 as of 2017, a slight decrease on 1,174 reported before.
Staff costs declined in line with that from €33 million to €28.9 million.
Pre-tax losses also declined in 2017 to €383,025, an 11 percent improvement on a pre-tax loss of €431,268 recorded in 2016.