Company Snapshot: Rotary Ltd.
Engineering firm feels the heat as profits dip
Rotary is a Northern Ireland registered engineering company which, in 2009, was sold by the local shareholders in the Jennings family and acquired by the large Australian owned Hastie Group.
The accounting year-end was changed in 2008 to June 30 which means that the 2008 results in the table relate only to a nine-month period.
The Rotary group specialises in contracting for heating ventilating and air-conditioning systems.
In the most recent year, turnover and profits fell significantly.
The turnover and profits figures are inclusive of the contribution of joint ventures in which Rotary has commercial interests.
In the year to end June 2010, there was a larger fall in operating profits from the joint ventures than in the basic business.
In the period to June 2008, possibly linked to the forthcoming change in ownership, Rotary, unusually, posted dividend payments to shareholders of over £30m. The purchase price for the new owners was reported to be a deal worth nearly £100m.
Prior to the change in ownership, the group reported a balance sheet value of shareholders' funds of over £54m.
This dropped to £19m at the end of June 2008 and has since risen to nearly £29m in mid-2010, largely as a result of retaining post-tax profits.