Armagh-based Cross Refrigeration improves profitability
TURNOVER at Armagh-based Cross Refrigeration took a 20 per cent hit last year dropping to £14 million.
The company supplies and installs commercial and industrial refrigeration and air conditioning units.
It is part of the overall Cross Group, headquartered in Cork.
Although sales for the 12 months to October 2015 were down, the firm recorded an improved gross profit margin of 18.91 per cent - against 14.03 per cent the previous year.
That's because profits increased 8.9 per cent to £2.7m.
Customers include a range of well know companies across Britain and Ireland such as Marks & Spencer, Tesco, River Island and Dale Farm.
Directors said they considered the latest financial results to be "satisfactory".
"The company has continued to provide high quality service to its customer with continued growth in certain sectors which as resulted in te increase in gross profit percentage in the year," they said,
"The directors continue to strive to achieve the highest quality work and ensure the company is being as cost effective as possible without affecting the final output service."
The company employs 38 people from its base at Hamiltonsbawn Road Industrial Estate making its wage bill £1.5m.
Directors received £415,744 in total including pension contributions.
The company is a wholly owned subsidiary of Krossbow Holdings which is incorporated in the Republic.
The Cross Group is one of the largest refrigeration suppliers in Britain and Ireland.
Founded in 1968, it has operations across Ireland and three in England.
With an overall staff of 180, annual turnover is around £40m, while the firm has provided installations as far away as the Unites States, South America, China and Sweden.