COOKSTOWN-based compressor manufacturer Copeland has rounded off 2016 with an after-tax profit of more than £2 million.
Turnover for the year totalled £39.2m, an increase of almost £2m from the previous year.
The firm makes compressors which are use in a range of electrical items, of which it produced 233,000 last year.
Looking at their long-term trends, the highest annual production rate of nearly 340,000 units was recorded in 2007.
This was followed by a 25 per cent reduction in 2008 and in recent years this figure has remained relatively steady at between 220,000 and 240,000 units.
Copeland is a wholly owned subsidiary within the American-owned Emerson Electric Company through the UK registered Emerson Holding Company.
A feature of the business of Copeland is that all the production is sold through other subsidiary companies in the Emerson group.
Last year, the vast majority of Copeland’s turnover (some 90 per cent) was generated through sales with its two fellow German subsidiaries, raising potential questions over how business will be affected when Brexit comes about.
At 200, the company’s total staff figure was at its highest since 2009.
The firm’s wage bill came in at £5.1m, while directors were remunerated to the tune of £135,000.
In as strategic report which accompanied their accounts, Copeland’s directors said they were committed to creating value for their shareholders through increasing production efficiencies of their existing and new compressor models.
"This strategy, combined with the achievement of further improvements in buying, inventory management, and overhead cost reductions, has resulted in satisfactory results reported for 2016, despite the market sector remaining highly competitive," the added.
"While the incoming year is likely to continue to be very challenging, early results are satisfactory and the directors expect a year of good progress and as such are of the opinion that the company’s success will continue in the coming year."
