Company Report: Radius Plastics
Radius Plastics is based in Lurgan. The company is a wholly owned subsidiary of Radius Systems Holdings which, in turn, is a subsidiary of Strongfield Marketing, a company now registered in Nicosia, Cyprus. Until a year ago the parent company was registered in the West Indies.
Radius Plastics is in business to design, manufacture and sell high integrity polyethylene and PVC pipe systems that are used in the gas, water, gravity, telecoms and petrochemical industries.
Activity is now concentrated on one site following the closure and sale of property in Banbridge in 2015.
The sale of the Banbridge property allowed the business to add an exceptional item of £1.1m to its profits in 2016.
In the last three years turnover has been maintained at a stable level and reached a new peak in 2016.
Operating and pre-tax profits have proved to be more volatile with a sharp fall in 2015 from which there has been a partial recovery in 2016.
Capital spending increased appreciably in 2016 after two years at a modest level.
Average employment in 2016 fell marginally to 99 employees. Two years earlier the average employment totalled 131 people.
The business operates with close financial support from the parent company including part of its current capital needs being held on an interest-free basis.
In 2016, post-tax profits were retained and added to the value of shareholders' funds. No dividends were allocated.