Unitech Industries’ latest financial report shows that overall group turnover is up by just over £2m to £37.9m for the year ended 31 December 2017.
The company’s accounts, published on Companies House show a revenue rise of 6% from 2016’s £35.8m.
Likewise, operating profit is up 6% from £1.7m to £1.8m. However, gross profit margin declined by two percentage points, from 33% in 2016 to 31% in 2017.
The directors, Nick and Mandy Imlah and Mark Street, said in the report: “Despite the manufacturing subsidies experiencing difficult trading conditions the group statement of financial position shows an increase in net assets and a sound financial state at the year end.
“The directors are mindful of the various risks and uncertainties that the group faces, and they will endeavour to consolidate the financial position of the group, and they are cautiously optimistic about growth in the future.
“The directors are optimistic that the investment in development of new products will create greater marketing opportunities and increased sales. They continue to innovate, building on the group’s existing customer portfolio and product range.”
In the catering equipment sector, Unitech Industries is responsible for dealers comprising ScoMac Catering Equipment, which recorded a £680,000 profit for the financial year; and Francis Commercial Kitchen Services, which posted £196,000. But as the group only bought the assets of Francis Catering Equipment to set up the new entity in September 2017, this may not represent a full year of trading.
ScoMac’s detailed results were published simultaneously and showed that the distributor’s turnover slipped slightly by 1% from £13.3m in 2016 to £13.2m last year. But operating profit rose from £581,000 to £663,000, a 14% increase, and gross profit margin grew from 28% to 30%.
Unitech now also owns Crosbys Catering Supplies, though the latter’s finances won’t be reported until the next accounting period, as the group purchased the assets of the former Bob Crosby Agencies firm in March this year.
On the supplier side for catering equipment, Unitech owns manufacturer Unitech Engineering, which recorded a £27,000 loss last year, down a massive 110% from 2016’s £291,000 profit.
While fellow group manufacturer and installer Unitech Projects recorded a £66,000 profit, though this was a slight 4% decline from the previous year’s £69,000.
Fabricator Stellex Manufacturing posted an £8,000 profit, a huge 187% rise from 2016’s loss of £9,000.
Elsewhere in the group, ventilation and food transportation system manufacturer Corsair Engineering posted a £71,000 profit, down 10% from £79,000 in 2016; and Corsair Wholesale, trading as Valera, recorded a £25,000 loss, but this represented an 80% improvement on 2016’s £121,000 loss.