Profits at niche engineering firm Rub Edibrac more than doubled last year. The business, based in Dublin, manufactures tungsten carbide burrs – a kind of cutting tool – used in the aerospace, power generation, defence and medical industries.
In accounts recently filed at the Companies Office, it reported pre-tax profits of €1.32 million in 2011; in 2010 it had profits of €653,527. The profit growth came on the back of a 20 per cent growth in turnover for its specialist tools.
Although low profile, the company boasts a stellar shareholder register. Former IBI Corporate Finance executives Peter Crowley and Neil Hughes, as well as Neil McGowan, all now of FL Partners private equity, hold 38 per cent of the company between them.
Another major shareholder is Peter Cosgrove, a former Smurfit executive, who holds a 19 per cent stake. David Moffitt, also formerly of Smurfit, has 5.5 per cent of the shares.
They are joined on the register by Smurfit chief executive Garry McGann, who also sat on the Anglo Irish Bank board with Seán Fitzpatrick, who owns more than 7 per cent of Rub Edibrac.
The company refinanced its debt facilities this year, with AIB taking over from Bank of Scotland Ireland.
