Company snapshot: Keystone Lintels Ltd.
Reducing reliance on borrowed funds
Keystone Lintels is a company registered in Cookstown and with significant shareholders also from McAleer and Rushe might be regarded as a related business to the larger McAleer and Rushe Group.
The company is described as engaging in the design, manufacturing and distribution of building materials.
The Lintels company went through a period of rapid growth in the years from 2006 to 2008. Then in the following years, turnover fell in 2010 to £33m. Since then turnover has improved but even in 2012 it was still nearly £5m lower than in the peak year to March 2008.
Operating profits have fluctuated and were at their highest in 2010. In parallel, pre-tax profits have varied with 2010 being the best performance of recent years.
In the most recent year the company has significantly reduced its reliance on borrowed funds as bank borrowing fell from £4.7m at March 2011 to just £1.3m a year later. This had the effect of reducing the net interest payments to be deducted from operating profits in calculating pre-tax results.
Keystone Lintels is the parent company with six subsidiaries. Two are registered in Northern Ireland: Keylite Roof Windows and IG GRP. Two are based in the Republic of Ireland: Acier Lintels and KLRW. One is in England: IG Ltd. The sixth is registered in Poland as Keylite RW Polska. Each of the subsidiaries, with the exception of local company IG GRP, returned post-tax profits to the parent company.
The local subsidiary company which registered a post-tax loss is engaged in the development of the design, manufacture and distribution of steel lintels.
Employment in the group has increased in the last four years and averaged 453 people in 2011-12. This is still lower than the 561 employees recorded in 2007.