Terex Posts Revenue Surge Following Restructure
Coalisland-headquartered screening firm Terex GB posted a 34 per cent jump in turnover to £377.7 million last year.
The directors of the American-owned company said the increase was mainly due to the transfer of Terex’s UK-based business to the Tyrone operation.
Terex GB – which was once known as Powerscreen – paid a dividend of £155m during the year to parent company New Terex Holdings.
Meanwhile associated business Finlay Hydrascreens in Omagh – whose principal activity is described as the collection of interest on balances owed from other group companies – paid a £45.5m dividend.
While there’s no explanation for the large dividends paid, it is understood large companies often move cash to improve tax efficiency.
In annual accounts filed at Companies House in Belfast, Terex GB said its profits before tax was £22.8m in the year to December 31 last – down from £42.5m the year before.
Terex GB makes makes mobile crushing and screening equipment and is part of a Northern Ireland cluster that satisfies almost half of the world’s demand for such machinery.
Plant made in the north is sold to customers worldwide for applications as diverse as iron ore mining in India, road construction in Peru, diamond exploration in South Africa and sand washing in the Arabian Gulf.
In their strategic report, directors said it faced “competitive pressure in a global manufacturing market for all of this company’s products”.
Around half of the firm’s turnover is in Europe including £72.5m in Britain and Ireland and £140.2m on the continent.
The remaining £165m relates to sales across the rest of the world.
Staff numbers increased from 1,017 to 1,638 over the year following the takeover of British operations making the overall wage bill just shy of £55m.
The accounts also contain a note to say Terex GB paid £6m to buy Ballymoney contractor JMF in May.
Terex and Finlay, along with Cookstown-based CDE, contribute to Northern Ireland’s international reputation as a centre of excellence in the design and manufacture of materials handling equipment.
Indeed according to Invest NI, some 40 per cent of the world’s mobile crushing and screening equipment is made in Co Tyrone.
Source: irishnews.com
