Latest news with #KeithAnderson
Belfast Telegraph
02-06-2025
- Business
- Belfast Telegraph
Co Armagh aeroplane seat maker records operating profit over £20m
Thompson Aero Seating have made the announcement ahead of publication of their accounts for the year ending December 31 2024. The company says that the 'strong growth in financial performance' follows the 'successful completion of a three-year recovery plan'. It added 'The financial progress comes as Thompson continues to focus on operational improvement and product innovation. 'The company has introduced several changes across its operating model and supply chain to strengthen delivery performance and build greater resilience in its operations.' Thompson Aero produces luxury airline seating, and counts a number of major international airlines among its clients, including Delta, China Eastern and Singapore Airlines. Losses had accrued at the Portadown-based company in the years since the pandemic, with the company losing over £270m between 2018 and 2023. Before tax, the company lost £9.5m in 2023, which was a reduction on the £23.8m loss in 2022. Around that time, these losses were attributed in part to investment in increasing the company's 'industrial capacity' as well as 'robust industrialisation across the business.' The company's order book has been improving over recent years, with its 2023 figure of £113m increasing by £326m in 2024. Thompson Aero Seating says the large bump to the order books reflects 'growing interest in its business-class seating products within the global aerospace market'. These new products include the firm's luxury airline seats. It recently unveiled two new seats at the Aircraft Interiors Expo in Hamburg, the VantageNOVA First and the VantageXL+. The last 12 months has also seen them launch other products, including the VantageNOVA. Recent years have also seen investment in Thompson's locations and production sites, including the opening of a 'dynamic test facility' in 2023. The firm says this site enables 'in-house dynamic testing, accelerating product development and supporting the timely launch of new innovations in 2024 and 2025'. Keith Anderson, CEO, Thompson Aero Seating, said that 2024 'marked the completion of a three-year recovery plan'. 'We've delivered against our commitments, secured a strong pipeline of orders, and made tangible progress across our operations and we are now in a more stable position. 'These improvements have positioned Thompson to gain a reputation for industry-leading delivery performance and new product introduction ('NPI') execution with our customers and major aircraft manufacturers. 'It's an incredibly exciting time as the strength of our orderbook means it is imperative that we continue to develop our operating model to deliver 2x growth in the coming years. 'We are particularly proud of our industry-leading performance in NPI. Our developing operating model and our DTF have enabled this strong performance.' Thompson Aero Seating employs over 700 people, and has facilities in Banbridge and Craigavon. It has been producing flat-bed luxury seats for over 20 years. The company's seats are used on a variety of major aircraft, including the Airbus A330 and A80 and Boeing's B777 and B787.
Yahoo
28-01-2025
- Business
- Yahoo
Trump wants to cut taxes on the rich. States can choose differently.
Despite its 'blue state' status, Washington's tax code has long been one of the most inequitable in the country because it over-relies on regressive measures like sales taxes and property taxes. (Photo: Keith Anderson/Washington State Department of Transportation) Editor's note: Like Washington state, Nevada has also long had one of the nation's most regressive tax structures. As President Trump takes office, one of his first agenda items is to slash taxes on corporations and the rich. The results will be more inequality and less revenue for the programs Americans rely on. The good news? States can make their own tax codes more equitable. And everyday people can help. In our state, Washington, people voted overwhelmingly this past November to protect our state capital gains tax on the ultra-wealthy. This was a hard-fought victory by a movement of people who believe we need a better tax code. Let's back up. Despite our 'blue state' status, Washington's tax code has long been one of the most inequitable in the country because it over-relies on regressive measures like sales taxes and property taxes. That forces low- and middle-income earners to pay the biggest portion of their income in taxes to fund the programs and services we all rely on. In 2010, an initiative to enact a tax on high earners in our state failed miserably. Although many people — including lawmakers — proclaimed the death of progressive taxes in Washington, advocates came together with a long-term goal of building public support for progressive revenue. Our organizations were two of many that did this work. From interfaith organizations to affordable housing advocates to union leaders, we created coalitions to hold lawmakers accountable to build an equitable tax system. Nevada's tax structure is the nation's 5th most regressive, report finds In addition to organizing and legislative strategies, our coalitions prioritized shifting the public narrative. With the help of public opinion, strategic communications, and messaging research firms, we spent over a decade talking to people in Washington to better understand their deeply held beliefs about taxes. We learned that most Washingtonians felt the impacts of our upside-down tax code but didn't realize just how much it favored the rich. And in focus groups and community meetings, we heard people vocally support taxes when they understood the services they provide. In media interviews, legislative testimonies, community events, and town halls, we showed how creating a budget that funds our communities requires the wealthy to pay what they owe. We tied taxes to critical programs and services like child care, education, parks, and safety net programs. We also highlighted how our tax code — which was designed to favor white, land-owning men over everyone else — is harmful to communities of color and low-income people. Buoyed by grassroots organizing and legislative efforts, national momentum for taxing the rich, and some wealthy spokespeople who said 'we want to pay this,' our coalitions helped our legislature pass a capital gains tax in 2021. We also helped pass a Working Families Tax Credit that year, a cash boost for people with low incomes. Together, these policies started to holistically fix our tax code. Our state capital gains tax is an excise tax on the sale of high-end stocks and bonds. Many extremely wealthy people are able to hoard wealth from selling these stocks. In its first two years, our modest capital gains tax on the richest 0.2 percent of Washingtonians brought in $1.3 billion to increase access to affordable child care and support school construction projects. But as soon as it passed, a handful of uber-wealthy individuals filed a lawsuit to repeal the tax. Ultimately, the state Supreme Court upheld it. The last test was on the ballot in November. We soundly defeated Initiative 2109, a last-ditch effort to repeal the tax. Over 64 percent of voters — including majorities in right-leaning counties — supported keeping the capital gains tax in place to fund schools and child care. Our win — which many thought impossible a decade ago — was a bright spot nationally this fall. We still have a long way to go towards a just tax code, but it's possible to flip the script and build public support for progressive revenue. Wherever you live, we hope your community is the next to make that happen. This commentary was originally published at
