Scottish freight vehicle manufacturer Gray & Adams has announced a sharp rise in turnover – with pre-tax profits sitting at £9.7million for the last financial year.
The family-owned business, which supplies trailers to most of the UK’s major supermarket chains, saw its turnover increase by 19% to £148.3million in the year to April 30, 2017.
The company, based in Fraserburgh, also gained a proportional increase in profit of £8.1million to £9.7million – with net group assets increasing by £7.6million to £33.4million.
Mark Grant, group finance director, said the latest positive figures were “boosted” by additional orders which are not a regular occurrence.
He said: “These results are exceptionally good with increased sales in all our primary product lines. We are accustomed to building large quantity orders but this year’s results were boosted by a handful of large trailer and truck body orders that are not an annual occurrence.
“As a result, production levels across all our four manufacturing locations increased and productivity improvements have led to greater profits.”
This financial success is only one of many accomplishments achieved by Gray & Adams in 2017.
Joint Managing Directors, Peter and James Gray, conducted HRH Prince Charles on a tour of the company’s Fraserburgh headquarters to celebrate its milestone 60th Anniversary. During his visit, the Duke of Rothesay met with staff from all levels of the business and viewed the production facilities.
Mr Grant added: “We have seen our profitability improve year-on-year in the last five years and it was fitting that we had our most successful year to date in 2017 which recognised the company’s 60th anniversary.”
James Gray, group joint managing director, said: “Gray & Adams’ reputation has been built on quality so we will continue to develop our skills and improve our range of products for all our customers. It’s been an exceptionally busy year and I am very proud of the dedication and hard work shown by all our staff.”
In September, the business saw a double award win at the 2017 Temperature-Controlled Storage & Distribution Awards, attaining both the Refrigerated Rigid of the Year and Refrigerated Trailer of the Year.
Gray & Adams’ success in these award categories recognised the business’ achievements in providing valuable products that improve customers’ supply chains whilst exceeding expectations.
Shortly after, it was announced that Gray & Adams had been ranked 230th in the 13th annual Sunday Times Top Track 250 league table. The Top Track 250 league table ranks Britain’s 250 private mid-market growth companies by sales, with required growth in profit or sales, and this position signalled an excellent achievement for the company as it continues to see progressive growth.
Peter Gray, group joint managing director, commented: “We are the UK market leader in our field and have an enviable list of customers from the major supermarkets and food retailers, to food distributors, rental specialists and parcel distribution. We will continue to supply quality products to our customers and continue to listen carefully to ensure we meet their needs at all times.”
This year, Gray & Adams will remain focused on maintaining its market-leading position through quality, innovation and customer service, as well as considering a number of major capital investment projects.