Tyrone company CDE Global cleans up as it announces profits of £1.6m
A Co Tyrone firm which sells heavy cleaning equipment around the world has announced pre-tax profits of £1.6m for 2014.
CDE Global in Cookstown manufactures and sells sand and aggregate cleaning equipment to a range of industries including construction, recycling, mining and specialist industrial.
The firm, which exports to some 80 countries around the world, had a slight increase in sales in 2014 to £32.32m from £32.16m.
It has related companies in Brazil, the US and India and frequently demonstrates its equipment at shows around the world.
During 2014 operating profit was £1.85m, up from £1.64m, and the company had £4.14m in cash at bank and in hand.
The firm, which currently employs 140 people in Cookstown, was founded 23 years ago by Tony Convery, who is still a company director.
In a strategic report accompanying the accounts, which were filed recently at Companies House, the directors said 2014 had been "satisfactory".
"Both the level of business and the period-end financial position were considered satisfactory and the directors expect that the current level of activity will be sustained in the foreseeable future."
Looking ahead, "the directors remain confident that the current level of performance will be maintained in the future".
But the company was said to be facing the risks of increasing raw material costs and maintaining sales levels. "The company's management endeavour to mitigate these risks by implementing regular strategic and operational reviews."
The company's seven directors received £1.8m in salaries and benefits in kind, and the highest paid director received £385,492.
CDE Global has five sister companies, CDE Global Investments Ltd, CDE Asia Limited, CDEnviro Ltd, CDE Do Brasil Ltd and CDE Global Inc.
One of its biggest recent deals has been a contract to deliver a large sand washing plant in Qatar in the Middle East.
In October the firm is to hold a demonstration event at Fort Worth, Texas, at a sand and gravel pit operated by Metroplex Sand & Gravel
The firm will be demonstrating its modular washing plant, the MR500, which can handle 450 tonnes per hour.
CDE also demonstrated a silica sands washing plant at an event in Australia in July as well as showcasing its sand and gravel washing in England, its waste recycling in Germany and Scandinavia as well as its limestone washing in France.
The firm also announced last month it was doubling the size of its US team, based in North Carolina, to eight.
Founder Mr Convery set up CDE Global in 2002 after working in the industry and spotting a gap in the market for silt sand.
Famously, his design of a concrete reclamation unit was featured on former BBC popular science show, Tomorrow's World.