Company Snapshot: Killyvally Holdings Ltd
Killyvally Holdings is based in Garvagh. It is the parent company and owner of TBF Thompson (Garvagh) and has its principal business activities in the distribution of plant, commercial vehicles, and forklift trucks, along with the supply of parts and servicing back-up.
Turnover in 2008 fell by 20% on the previous year. As a consequence, operating profits were significantly lower, although, at £455,000, they were still 'in the black'.
The report by the directors emphasises the impact of the downturn in the economy and, in particular, the downturn in the construction industry.
Pre-tax profits, after the deduction from operating profits of net interest charges of £843,000 in 2008, fell to a loss of £368,000.
The directors also reflect on a reconsideration of the company's reliance on a number of key business relationships. They point to a review of the portfolio of products and discussions with potential new suppliers.
In addition, they comment on good business relationships with a range of undertakings, as well as the ambition to meet new customers.
Average employment in the group has remained stable at 241 people in 2008; four less than in 2007.
Post-tax profits are retained as part of shareholders funds, so that the value of shareholders funds rose in December 2007 to £6.9m but then fell to £5.8m in December 2008.