Unitech Industries has posted a solid set of results for the year ending 31 December 2018, according to its latest annual report, publicly available on Companies House.
The overall group’s turnover was up by nearly 27%, from £37.9m in 2017 to £47.9m last year.
However operating profit slipped by 33%, from £1.8m to £1.2m in 2018. Likewise, the company’s gross profit margin fell from 31% to 28%.
The distributors under the Unitech umbrella recorded similarly mixed fortunes. As Catering Insight reported last month, group company ScoMac Catering Equipment, which reports its results individually, posted an £11.7m turnover, 11% less than the 2017 financial year’s total of £13.2m. Operating profit fell by 62%, from 2017’s £663k to £249k in 2018. Gross profit margin was also down by a couple of percentage points, from 30 to 28%.
Unitech’s results do not state the turnover of its subsidiary companies, but in terms of profit, it reports that in this 12 month period, Crosbys Catering Supplies made a £42k loss. Another fairly recently-purchased entity, Francis Commercial Kitchen Services, recorded a £148k profit, though this was down 24% on 2017’s £196k.
Results for the most recent dealer addition to the group, Court Catering Equipment, relate to the accounting period between 30 April 2017 and 30 April 2018. This showed that profits fell 11% from £131k to £116k.
Out of Unitech’s other businesses within the catering equipment sector, Unitech Projects, which manufactures and installs equipment, recorded a massive 237% rise in profits, leaping from £66k to £221k in the 12 months to 31 December 2018.
Manufacturer Unitech Engineering also had a positive year, turning round a £28k loss in 2017 to £215k profit last year, a huge 873% increase.
Fabricator, Stellex Manufacturing, travelled in the opposite direction however, from an £8k profit to a £124 loss in 2018. Likewise, kitchen transport and ventilation equipment manufacturer Corsair Engineering recorded a loss of £67k from a profit of £71k, down £195.
Finally, Corsair Wholesale, trading as Valera, saw its losses worsen from £25k to £45k, a slide of 84%.
Director Nick Imlah analysed in the report: “Despite the manufacturing subsidiaries experiencing difficult trading conditions, the group statement of financial position shows an increase in net assets and a sound financial state at year end.
“The directors are mindful of the various risks and uncertainties that the group faces, and they will endeavour to consolidate the financial performance of the group, and they are cautiously optimistic about growth in the future.”