PENMAN Engineering, the Scottish armoured vehicle manufacturer, has recorded another year of strong profitability in spite of pressure on UK defence budgets helped by its success in overseas and civilian markets.
The latest accounts for Penman show the Dumfries-based business made pre-tax profit of £1.7 million in the 12 months to March 31, when directors said the company enjoyed another successful year.
Accounts show that privately owned Penman suffered a 6% fall in profits, from £1.8m in the preceding year. Turnover fell 11% to £18.6m, from £21m.
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