Haldane Shiells returns a profit
Published: 10 October, 2011
BELFAST: Building supplies group Haldane Shiells reported reduced pre-tax profits despite "very difficult" trading conditions in Ireland.
The group's best-known business is Haldane Fisher that has ten branches in Northern Ireland. It also has branches in England and the Isle of Man where better performance helped shelter Haldane from the tough Irish market.
The group's outlets in England and the Isle of Man have seen an increase in business and are "well placed" to take advantage of any upturn in the coming year the company says.
Pre-tax profits for 2010 were £443,000, compared to more than £1.5m in 2009.
Turnover slipped from £75m to £73m.
The directors implemented a restructuring programme at Haldane Fisher in response to reduced turnover. The restructuring led to a one-off cost of £84,000 and further reorganisation will take place this year. The number of staff fell from 453 to 432.
The value of some of the firm's properties was also written down by £1.6m in 2010.