A CO Tyrone coal supplier and haulage firm has reported an almost 40 per cent rise in turnover to over £36 million due to "growing customer demand".
Cookstown-based Patmond Energy, initially set up solely as a coal trader, but now charters and operates both deep sea and coastal vessels, has recorded strong financial figures in its latest annual accounts.
Company revenue grew by 39 per cent from £26m to £36.3m in the year ending June 30. Profit before tax also increased from £2.1m to £2.3m.
Dividends of £250,000 were paid during the year, almost double the 2017 figure (£130,000), while staff numbers at Patmond fell by one over the year from seven to six, according to the financial figures, with the wage bill now sitting at £112,408.
In the strategic report published alongside the accounts, the directors said the financial figures were driven by "growing customer demand".
"The results for the year and the year end financial position were as expected. The company were successful in servicing the growing customer demand in the year, with the increased level of activity being directly reflected in the level of sales revenue achieved," they said.
Looking ahead the directors "expect that the present level of activity is sustainable in the foreseeable future", despite the ongoing Brexit uncertainty.
In the strategic report, written in October, the directors recognise that Brexit "may have an impact" upon the company's trading activities, but said it is "still too early to tell" what the implications will be.
"As such the company will have time to adapt as appropriate. In the meantime, it remains business as usual," they added.
Patmond Energy Limited was established in 1996. Initially set up to trade coal the company has expanded and now successfully charters and operates both deep sea and coastal vessels.
The Cookstown firm now sources its coal from South Africa, South America, USA, Russia and mainland Europe and supplies to various sectors in industry. In recent times the company has also expanded its portfolio and now ships a range of dry bulk chemicals, cement, clinker as well as coal, petcoke and metcoke.
The business further provides consulting and freight forwarding services to and from the UK.
