Comapny snapshot: JP Corry Ltd
Published 22/09/2009 | 15:53
Until 2005, JP Corry was a wholly owned subsidiary of a locally owned group. It was then sold to the French-owned builders supply company, St Gobain, and has continued to trade as a timber and timber products supplier to the local building industry.
JP Corry (NI) trades in its own right and is also the parent company to seven other smaller subsidiaries, six in Northern Ireland and one in the Republic.
When turnover in 2006 was adjusted pro rata for a full year, it was just over £56m. Turnover improved in 2007 but in 2008, fell back to near 2006 levels. A 9% reduction in turnover is not a major surprise in the context of the much bigger reduction in house building that has taken place.
The more difficult trading conditions in 2008 are reflected in the lower level of operating profits which fell to £511,000. Pre-tax operating profits also fell by nearly £3m and a pre-tax loss was recorded, as finance costs of nearly £1.8m were charged.
Employment increased in 2007 over 2006 but in 2008 fell again to an average of 273 people.
The value of shareholders equity, as stated on the balance sheet, at £1.2m is modest. The accounts show a level of short-term indebtedness to other parts of the group which affected the balance sheet and was used to finance acquisitions and loans in 2007.