Plastics and radiator group Barlo today reported an after-tax loss of €10.6 million as the group struggles to restructure in market conditions.
Barlo said its performance was adversely affected by a trading downturn in its European markets, particularly in Germany. The group also took an exceptional charge of €12.7 million, mainly for the restructuring of its plastics business.
Turnover grew by 8 per cent in the year - reflecting a first full-year contribution from Athlone Extrusions and Barlo Plastics Slovakia. Underlying sales volumes in both the plastics and radiator businesses were down on the previous year.
Barlo is reliant on Continental markets for close to 60 per cent of its turnover and these markets were most affected by the slowdown last year. Market conditions in Germany, have been very difficult and this in turn has had a knock-on impact on neighbouring economies.
Barlo said the Irish market has performed satisfactorily, despite a slowdown in demand levels during the year.
The group said it is planning for modest sales increases this year and expects to make progress in the current year.