LAMONT Holdings, the Northern Ireland-based textiles group, has recorded a 78 per cent drop in pre-tax profits to £1.6 million sterling (€2.3 million) from £7.5 million sterling (€11.1 million) for the year to December 31st.

The pre-tax profit included a £2.8 million contribution from the sale of the final phase of its Connswater property. When this is taken out, the company made a trading loss of £1.2 million.

Turnover fell by more than 10 per cent to £83.2 million from £95.1 million, while earnings per share were down to 4.43p from 20.01p. The company said difficulties in commissioning new machinery at its Moygashel and BFF Nonwo vens operations cost the company more than £2 million. In addition, it paid out £1.2 million in redundancy payments.