Company report: Terex GB
Terex GB is the American-owned and Northern Ireland-registered company that bought the Coalisland-based business formerly known as Powerscreen.
The main activity of the company is the manufacture and distribution of equipment for use in the screening, crushing, recycling and material handling industries.
In a change in ownership, from February 2014 Terex GB is now a wholly-owned subsidiary of parent company NTH (New Terex Holdings).
Terex GB is part of a much larger organisation which means that "analysis using KPI's for this company is not necessary or appropriate for an understanding of the development, performance or position of Terex GB business".
Early in 2010, a fellow subsidiary in the same group, Finlay Hydrascreens (Omagh), was acquired and transferred into Terex. Later Terex was further expanded by the acquisition of Atlas Cranes (UK). The trading results for 2013 show a continued high level of turnover, although fractionally lower than in 2012, and a further improvement in operating and pre-tax profits.
Profits in each of the last four years have stabilised after some poorer results in 2009.
In 2013 pre-tax profits were the equivalent of over 13% of turnover which is better than in some earlier years.
In 2013 turnover was affected by a reduction in sales to Russia and a slow recovery in the EU, including the UK.
Sales in mainland Europe were 11% lower than a year earlier. The company charged just under £2m of research and development spending to the profit and loss account.
In 2013 pre-tax profits of more than £42m represented nearly 27% of the balance sheet value of shareholders' funds. This was a major recovery from results in other recent years.
The balance sheet records a continuing net liability in the accounts for the company pension schemes. At the end of 2013 there was an estimated net liability of just over £10m.