Vita Cortex main company posts €1.75m loss

THE MAIN firm in the Vita Cortex group recorded losses totalling €1.75 million last year, new figures show.

Twenty-three company workers at the group’s Kinsale Road plant in Cork were at the centre of a long-running dispute earlier this year over redundancy payments.

The workers ended a 161-day sit-in at the plant on May 24th last after receiving redundancy payments from owner Jack Ronan.

Today President Michael D Higgins will meet the former Vita Cortex workers when they visit him at Áras an Uachtaráin. Mr Higgins invited the workers after they successfully resolved their dispute in May.

Along with operating a plant in Cork, the foam manufacturer also employs 60 workers in Cork, Athlone and Belfast.

New abridged accounts for the 12 months to the end of April of last year confirm that Vita Cortex Ltd incurred losses of €1.75 million in the year and had net liabilities at year end of €232,259.

The figures show the company’s accumulated profits at the start of the year of €1.45 million became a €299,464 deficit at year end.

A note on the company’s “going concern” basis states: “The directors have considered this basis given that the company’s balance sheet shows an excess of liabilities over assets. The company has received an assurance from fellow group company Vita Cortex (Ind) Ltd that it will provide resources to the company to allow it to continue in operation.”

It adds: “On this basis, the directors are satisfied adequate resources are available to the company and that it is appropriate to prepare the financial statements on a going concern basis.”

The loss last year follows the company marginally increasing its accumulated profits in 2010 going from €1.443 million to €1.450 million.

Separate accounts for Vita Cortex Holdings Ltd show that its accumulated profits increased from €101 to €859,983 during the year.

The firm has 11 subsidiaries including Vita Cortex Ltd.

During the workers’ five month long campaign, it was bolstered by a series of famous names that lent support.

Manchester United manager Sir Alex Ferguson, world champion boxer Katie Taylor, actor Cillian Murphy, footballer Paul McGrath and singer Christy Moore.