Belfast Telegraph

Company Report: Cooneen by Design

 

By John Simpson

Cooneen by Design (formerly Cooneen Textiles) and its subsidiary companies have business premises in Fivemiletown and the registered office is in Broughshane.

More recently Cooneen became a major 76% shareholder in the firm of Cooneen Watts and Stone, now renamed as Cooneen Defence.

This subsidiary manufactures and distributes specialist clothing. During the most recent year the shareholding in Cooneen Defence was increased to 100%.

The group's principal activity is described as the design, supply, manufacture and distribution of specific clothing to a global marketplace.

The Cooneen group also owns other subsidiary companies.

Hawk Holdings is a holding company for Hawk Protection Incorporated, registered in the US, as a supplier of specialist clothing. Two other subsidiaries, Cooneen Defence and Cooneen at Work, are also suppliers of specialist clothing.

In the trading year to December 2, 2016, the consolidated group results show a small reduction in business throughput which links to a fall in operating and pre-tax profits.

Pre-tax profits at £6.2m were 26% lower than a year earlier. In 2011 and 2012 turnover was much higher, reaching £90m in 2012.

The group has borrowed relatively small amounts.

The net interest costs of nearly £80,000 make the operating profits somewhat higher than pre-tax profits of £6.2m in 2016.

Average employment has increased in recent years to reach 154 people in 2015 and has reduced to 152 in 2016.

No dividends have been paid by the group in recent years.

With retained post-tax profits, the balance sheet value of shareholder's funds has increased, valued at just over £60m.

Belfast Telegraph

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