The UK branch of a leading firm, headquartered in Manchester, has posted a significant increase in turnover, reaching £80.6m for the year 2023, up from £72.4m in 2022.
Based in Manchester, the company recorded a turnover of £80.6m for 2023, rising from £72.4m in the previous year, according to the latest accounts filed with Companies House. The firm’s pre-tax profit saw a slight increase from £3.1m to £3.2m within the same period. The growth in turnover is attributed to intensified advertising and new product features.
Sales of the company’s products contributed £73.5m to the turnover, while parts and service sales accounted for another £7m, up from £6.1m, as reported by City AM. The average number of employees at the company also grew, moving from 76 to 117 over the year.
A board statement highlighted the company’s strategic response to economic and geopolitical challenges, noting: “Despite facing challenges stemming from economic uncertainties, geopolitical tensions and ongoing global crises, the company demonstrated resilience and adaptability in its strategic approach.” The statement further elaborated on the impact of increased supplier costs and payroll expenses, yet affirmed that the firm managed to enhance its gross profit margin, reflecting effective overhead management and a strategic focus on the Sterling/Euro exchange rate.
The company’s operating profit witnessed a slight uplift, underscoring the commitment to operational excellence. The UK branch is an integral part of the wider group, which boasts its headquarters in the Netherlands. Founded in 1987, the company now operates in 16 countries, with a workforce exceeding 400 employees.
The Manchester-based division’s significant increase in turnover and strategic resilience amidst economic challenges exemplify its robust growth and operational excellence.