Sales and profits rise as Cooneen features on cover of Vogue
THE Tyrone-based textiles firm part-owned by millionaire industrialist John B McGuckian (80) increased its sales and profits in the 12 months to November despite what it said were "very competitive market conditions".
And Cooneen By Design, which makes clothing as diverse as military gear, character bedclothes and nightwear for children, warned that the markets it operates in are likely to experience significant volatility from the spread of coronavirus.
During the pandemic it been active in supporting communities by manufacturing face coverings and assisting the national volunteer networks created to produce scrubs for the NHS.
The firm (formerly known as Cooneen Textiles), which trades from Fivemiletown, made a profit after tax of £4,070,295 in 2019 compared to £2,807,466 the year before.
It came on the back of increased sales (up nearly 10 per cent from £64.1 million to £70.2 million), and in turn the company's assets rose from £65.2m to £69.3m.
Accounts filed at Companies House reveal that the firm employs an average of 191 staff (up from 171), and its total wages bill for 2019 was just shy of £7m.
Its key directors were paid a total of £454,333 (down on the previous year), with the highest paid earning £259,178.
The accounts also show that it paid £958,414 in corporation tax during the course of the year - a significant rise on the 2018 figure of £579,866.
Cooneen by Design is part of the Cooneen Group, whose subsidiaries include Hawk Holdings in the USA, a supplier of specialist armour wear. Its clients include the US Army, for whom it provides bullet-proof vests.
The company is regarded as one of the largest and most diversified garment manufacturers in Europe, operating in a range of clothing markets globally.
This month its wares feature on the cover of Vogue magazine, which pictures a train driver for Arriva Rail London proudly wearing her Transport for London uniform made by Cooneen Group.