Belfast Telegraph

Cooneen racks up £13.6m profits

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. Cooneen is a successful manufacturer of children's clothing and has attracted a number of established high street brands as customers.

More recently, Cooneen has become a major 76% shareholder in the firm of Cooneen Watts and Stone, now renamed as Cooneen Defence. This subsidiary manufactures and distributes specialist clothing.

The Cooneen group also owns other subsidiary companies. Hawk Holdings, in the USA, is a supplier of specialist clothing and a recent addition was Images at Work, a distributor of specialist clothing.

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

In the most recent trading year to the end of November 2012, the consolidated group results show a further significant uplift in business throughput and continuing enhanced profitability. In recent years, annual turnover expanded to reach over £40m each year until 2010. Then in the two most recent years, turnover has more than doubled to reach £90m in 2012.

The group has relatively small amounts of borrowed funds. Consequently, operating profits and pre-tax profits are similar. Pre-tax profits of £3.7m were registered in 2010 and increased sharply to £16.4m in 2011. Then in 2012 pre-tax profits were slightly smaller at £13.6m

Average employment has increased in each of the last three years from 107 people in 2009 to 134 in 2011 and 135 in 2012.

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 2012 was £37.6m, more than three times the value three years earlier.

Belfast Telegraph