Gas catalytic tool manufacturers, Oglesby & Butler today posted pre-tax profit of £511,289 for the year to March 31st, a fall of 8.4 per cent on last year.
Group sales for the year were £4.7 million compared with £4.2 million last year, while earnings per share came in at £3.97 from £4.44 last time.
The company attributed a growth in group sales for the period to ongoing interest in its soldering iron business and the introduction of a range of glue guns in the second half.
It added its cost base has been adversely affected by increased staff and material costs, which it has not passed on to customers in order to maintain its competitive position.
The extension of the group's premises in Carlow - costing IR£454,000 - is expected to be completed in the second quarter of the current year, it said, and this will provide the space required for the new glue guns and other products under development.
The company said it is in a strong competitive position and is confident in its future.