Company snapshot: Cooneen Textiles Group Ltd.
Firm has designs on growth
Cooneen Textiles and its subsidiary companies have a business address in Fivemiletown although the registered office is in Broughshane.
Cooneen has been a successful manufacturer of children’s clothing for many years and has attracted as customers a number of established high street brands.
More recently Cooneen has become a major shareholder in the firm of Cooneen Watts and Stone where a 50% shareholding was held until 2009 and has now increased to 76%. Cooneen Watts and Stone manufactures and distributes specialist clothing.
The Cooneen group also owns other subsidiary companies. Hawk Holdings is a supplier of specialist clothing and a recent addition was Images at Work, a distributor of specialist clothing.
In the trading year, ending on December 2, 2011, Cooneen Textiles’ consolidated group results report a significant uplift in business throughout and improved profitability. In recent years annual turnover has expanded to reach over £40m each year.
The group has relatively small amounts of borrowed funds. Consequently, operating profits and pre-tax profits only differ slightly. Pre-tax profits of £3.7m were registered in 2010 and increased sharply to £16.4m in 2011.
Average employment has increased in each of the last two years from 107 people in 2009 to 134 in 2011.
No dividends have been paid by the group in recent years. As a result, the balance sheet value of shareholder’s funds has increased steadily and at the end of 2011 was £27.4m, more than double the value only two years earlier.