Jim McColl??s engineering creation Clyde Bergemann saw pre-tax profits rebound to £1.46million last year, above their 2011 level, according to accounts at Companies House.
Jim McColl??s engineering creation Clyde Bergemann saw pre-tax profits rebound to £1.46million last year, above their 2011 level, according to accounts at Companies House.
The international boiler cleaning group based at Bridgeton near Glasgow, where Mr McColl??s Clyde Blowers business empire has a 30 per cent stake, and saw profit up by 14 per cent despite a 7.5 per cent decline in sales. As well as manufacturing equipment the group sells related spares to the power, marine and petrochemical industries.
Writing in the accounts the directors say the improved profits were due to a higher mix of after-market sales with greater margin, improved interest on retained cash balances, higher dividends received and a lower tax charge. The dividend was raised from £344,734 to £460,610.
The group created out of the original Clyde Blowers, in a series of mergers and acquisitions since 1996, secured a £72m refinancing from Lloyds two years ago to continue its growth. In 2013, after a three-year lull in new ventures, Clyde Bergemann established a new manufacturing plant in the US and set up subsidiaries in Turkey and India.
In the previous decade it had planted roots in South Africa, Scandinavia, China, India, Columbia and Indonesia, and pulled off acquisitions in North America, Australia, Finland, Italy and Germany.
The directors say the company has updated a number of product offerings and continues to invest in research and development, which they regard as ??necessary for continuing success in thje medium to long-term future??.
The accounts show a 25 per cent rise in net assets to £5.1m, after the company retained the net operating profit after tax.The headcount rose by one to 62. Director remuneration fell from £125,242 to £115,333.
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