Foodservice display manufacturer Counterline has reported an 18% drop in turnover, according to the latest publicly available records from Companies House.
For the year ended 30 June 2017, the Merseyside-based firm posted revenue of £10.3m, compared to the £12.2m for the previous 12 months.
Geographically, nearly £8m of the 2017 turnover was generated in the UK, with £900,000 coming from Europe and £1.4m via the rest of the world. This is in contrast to the £9.3m of UK business done in the 2016 financial year, with almost £1m from Europe and £1.9m from the rest of the world during that period.
Operating profit also reduced by 11%, from 2016’s £406,291 to a total of £361,196.
The company’s directors stated in the report: “This financial year has seen an increased focus on identifying the more profitable products and areas of business. Targeting new geographical markets and sectors continues to be successful whilst maintaining the company’s reputation for product development and quality service.
“Online fraud and cyber security are increasing risks, and robust measures have been put in place to protect the business. Counterline is also well advanced in its obligation to satisfy new legislation on minimum energy performance standards (MEPS) across its product range.”
The directors concluded: “This evolving strategy has resulted in a turnover reduction, but which has been largely compensated by improved margin and a significant reduction in general overhead and finance costs. The directors believe a full year effect of its strategy and restructuring will be seen in the next financial year.”
However, looking forward, they signalled: “Significant further investment will be made in new plant, production space and facilities alongside manufacturing and design software. The directors expect to see this result in increased sales volume and margin in the coming years.”
Companies House records the main directors as Simon Dutton, Tim Flood and Andrew Perry.