PARK’S of Hamilton (Holdings), the Lanarkshire-based car and bus company, has lifted pre-tax profits by more than 12 per cent to £16 million in its latest financial year, accounts newly filed at Companies House reveal.
The company, founded by former Rangers director Douglas Park, declared the results show the business is in a “good financial position”.
Park’s boosted profits despite the directors stating that the “general uncertainty in the economy” had contributed to “difficult trading conditions” in the year ended March 31.
Mr Park, a member of the Three Bears consortium whose share purchases paved the way for Dave King to seize control at Ibrox, stepped down as a director after March 31. He resigned as a director of both Rangers International Football Club plc and subsidiary Rangers Football Club Ltd in August to focus on other commitments. Mr Park’s position on both Rangers boards was taken by his son Graeme, a director of Park’s.
The latest accounts for Park’s show that the company lifted pre-tax profits to £16m from £14.3m in 2013. That came as turnover at the group rose by nearly £50m to £448m.
The directors state that turnover in the motor division, which has dealerships in Ayrshire, Lanarkshire, Glasgow, West Lothian and Fife, grew turnover to £420.6m from £372.4m, while revenue from coach hiring rose to £27.4m from £26.97m.
The total distribution of dividends for the year will be £6.95m, the company said. The accounts show that total dividends of £6.95m were paid to Douglas Park, the majority shareholder. Directors’ remuneration edged up to £673,258 during the year, compared with £667,704 in 2014, while staff costs increased to £33.5m from £30.2m. The company employed 1,267 staff on average during the year, up from 1,201.
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