Blackburn-based distributor, Acme Facilities Group, has turned its financial performance around in just one year.
While its 2018 financial results reported loss-making due to winding down discontinued operations, the company’s latest annual report, now publicly available from Companies House, shows it’s back in the black.
In the 12 months to 31 December 2019 the dealer posted a £1.3m profit, a massive 164% up on a loss of nearly £2m the previous year.
Group MD Chris Allen told Catering Insight: “The board are pleased with the significant turnaround in performance and the increased turnover of core activities, despite the unforeseen challenges that 2020 has brought we remain confident in the future and optimistic for returning profit in 2020.”
Plus within the report he stated: “The directors are pleased to increase turnover despite discontinuing the HVAC department in 2018. Concentration on core activities has increased gross margin significantly.
“Following the Covid-19 pandemic, the directors have taken immediate actions to protect the business including use of the government coronavirus job retention scheme and tighter cash management protocols.
“Going forward the directors expect Covid-19 to have longstanding detrimental impacts within the wider economy and specifically into one of their key markets – hospitality. The directors are planning for turnover reduction but are still confident of returning the business to profitability in 2020.”