PROFIT SURGE SPARKS MAKEOVER MOVE AT COLOURTREND FIRM
The Co Kildare company behind paint brand Colourtrend is set to invest in an “extensive capital programme” over the next three years as pre-tax profits grow.
General Paints, the Celbridge-based paint manufacturer, reported almost €22.6m in sales for its 2023 financial year. Pre-tax profit at the group rose to €2.86m, up around 26pc on 2022.
The average number of employees at General Paints over the year was 115, mostly made up of those in operations.
The results covered the year to the end of last October and included commentary from General Paints’ chairman, Kevin O’Connor. In 2020, the company’s former managing director passed on the role to his daughter, Rachel O’Connor, who has led the business since.
In the results, Kevin O’Connor wrote that the paint industry in the EU and US had had “some of the most significant volume decreases seen in recent years” last year. He added that Ireland had been no different, with a second year of falling volumes, now below pre-Covid-19 levels.
Price increases over the last two years were also noted by O’Connor, who added they were a response to the significant post-pandemic inflation. As a result, the market achieved modest growth in value terms.
O’Connor wrote that General Paints’ growth in profit resulted from “determined efforts” to recover profitability following exceptional raw material volatility in 2022.
The chairman added that the group was strongly funded, with substantive cash on the balance sheet and net assets at almost €17.8m. He said the cash would be used to “kick start the funding of an extensive capital programme planned for the next three years”.
General Paints was founded by Ronan O’Connor, the current MD’s grandfather, in a former famine workhouse in Celbridge, Co Kildare, in 1953. He handed it over to his son Kevin in 1985. The firm continues to manufacture its paints from the same facility.
The company’s paints, including Colourtrend and Curator, are sold worldwide, with growing markets in the UK, the US and the Netherlands.
Several Colourtrend stores are located around Ireland, including the brand’s flagship store in Celbridge. The brand is stocked in over 180 stores nationwide and a further seven in the UK.
Curator, the company’s newer luxury brand, is available in 16 locations nationwide as well as internationally in the US, UK and The Netherlands.