Stevenage-based distributor Gratte Brothers Catering Equipment has signalled that the Brexit vote has impacted its latest financial results.
In the firm’s latest publicly-available report from Companies House, it details that the £12.3m turnover posted for the 12 months to 31 March 2017 is an 11% reduction on the previous year’s total of £13.8m.
However, there was some better news, as the firm has cut its losses by nearly 9%, from £75,395 in the 2016 financial year to £68,716 for this year’s results.
The report stated: “The year to 31 March 2017 has been challenging, as expected in view of the global market and uncertain economic conditions.
“The decrease in turnover was in part due to the uncertainty surrounding the June 2016 referendum which resulted in the deferral of orders and phasing on contractual work and the associated impact on the recognition of turnover and profits.”
2017 proved to be a transitional year for Gratte Brothers, with former MD Ian Wolfe retiring and Colin Barden stepping into the role, while Paul Gilhooly was promoted to sales director.
Last year the firm handed over nine Whitbread projects in the space of 5 weeks on time and on budget. A major £155,000 project at The Ritz was also finished on time, including having to unexpectedly demolish an unstable wall. It was for these and other schemes that the firm was voted the Catering Insight Distributor of the Year, Project Management Award winner 2017.
Furthermore, the company recently renovated its own offices, and invested in 3D modelling software to increase project clash detection. Setting up an online service and maintenance package, its engineer systems are now paperless.