Brintons turnaround continues with rising sales and profits
Carpet-maker Brintons has hailed the turnaround in its business as it swung to a pre-tax profit for its last financial year.
The company, based in Kidderminster and with a factory at Telford, saw revenue jump by £14m to £91.5 million in the 12 months to October 1, while it racked up a pre-tax profit of £3.66m compared to the £1m loss the previous year.
Its strong growth also saw an 81% increase in year-on year earnings from £8m the previous year to a new high of £14.5m. This represents an outstanding achievement with a margin of 16.3%,
an outcome at the top end of the industry's performance levels.
Chief executive Duccio Baldi said, "It has been another very positive year for the Kidderminster-based company and confirms the turnaround in the brand's performance since its new ownership five years ago.
"This has been brought about by a combination of significant investment in new technology and improved productivity."
Brintons was struggling when it was bought in September 2011 by The Carlyle Group but has since made 'steady progress'. In November 2016 Carlyle appointed William Blair & Co to advise on future strategic options.
Mr Baldi said, "The outlook for 2017 is equally promising as we continue to benefit from developments such as our acquisition of Polish carpet manufacturer FD Agnella in 2015."
"We have a strong order book and as a net exporter we can take advantage of sterling's global devaluation to further improve earnings."
The year saw Brintons cut its production workforce by 150 and the group now has 1,800 employees, mostly in the UK, Poland, Portugal and India.
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