Company Snapshot: F.G Wilson (Engineering) Ltd
FG Wilson (Engineering) is a wholly owned subsidiary of the American Caterpillar corporation.
The company is the largest manufacturer in Europe of diesel and gas generating sets and associated equipment.
The Northern Ireland registered company based in Larne also consolidates the trading results of its world-wide subsidiaries which are registered in Singapore, South Africa and India.
The trading results for 2009 reflect a large reduction in turnover and its further impact on overall profitability.
The directors’ report refers to actions to realign the cost and capital base to the lower level of turnover.
It also refers to decisions affecting the number of people employed, separating out agency employees as well as implementing a voluntary severance programme.
Total employment in the wider company fell by more than 700 people, or a quarter of the total in 2008.
Given the more difficult trading conditions, the directors describe the financial results for 2009 as satisfactory and they look with some reassurance to the long-term fundamentals of their role in this industry.
Capital spending by the group in 2009 was lower than the unusually higher levels in the preceding years.
One noticeable feature of the balance sheet in December 2009 is the large reduction in the holding of stocks of materials and finished products. The value at the end of 2009, at £44m, was £38m lower than a year earlier.
The balance sheet value of the shareholders’ funds remained at over £121m at the end of 2009.
As in earlier years, the group retained post-tax profits to its profit and loss reserves.