The Airedale Catering Equipment Group has seen its operating profits rocket in the 12 months to 31 December 2018, according to its latest publicly-released accounts on Companies House.
The Bradford-headquartered group, which comprises Airedale Catering Equipment, South Coast Catering, Airedale Technical Services, Caterform Stainless Steel Fabrications and the Catering Design House, recorded a £1.1m operating profit, a massive 705% up on last year’s dip of £0.1m and heading back towards 2016 levels.
Likewise, gross profit margin grew to 26.9% from 2017’s 24.8%.
Group turnover did slip slightly by 3% however, from £40.7m to £39.7m.
CEO Rob Bywell analysed in the report: “Despite the group’s overall turnover remaining largely unchanged, profitability increased significantly due to a combination of higher gross margins and lower overhead expenditure.
“Following another challenging year in certain of the group’s markets, the directors consider that the results for the year and the financial position at the end of the year are satisfactory.”
He further forecasted: “The group has a strong order book and pipeline for 2019.”