MOTOR company TOM Vehicle Rental has posted increased profitability and turnover for the year ending March 31, saying it expects this upward trajectory to continue.
In a Companies House filing, the business attributed the year's growth to its board implementing a strategy "to adapt to the challenges of a cautious market."
It said that during the year, consumers remained cautious about the future although UK economic conditions showed signs of improvement.
Pre-tax profit reached £1.6 million, up from £1.3m for the previous 12 months, while operating profit amounted to £5.8m, an increase of £1.5m from £4.3m.
The business noted its main activities are fleet and service management, vehicle hire, commercial vehicle body manufacture, MoT testing, sales, servicing and repair, and its turnover grew by 58 per cent from £62.3m to reach £98.5m.
Of the latest turnover figure, £98.3m related to the UK and only £174,000 non-UK, while for the prior period £62m was for the UK.
In the filing, TOM, which has its headquarters at Brownsburn Industrial Estate in Airdrie, also said employee numbers grew to 390 at year-end from 365, and staff costs reached £10.2m, up from £8.5m in the prior year.
Cost of sales amounted to £73.2m compared to £42.7m in the previous 12 months, and administrative expenses reached £19.4m from £15.4m.
The firm, founded more than 20 years ago, said it continued to develop the Mercedes Benz Commercial Vehicle sites, concentrating on the two acquired since last year.
"The Inverness-shire site became fully operational in March 2014 and has shown great potential," the business said, adding that its Manchester vehicle hire site "has provided strong rental growth to the group."
Its four sites in Scotland comprise Airdrie, Broxburn, Ayr and Aberdeen, and it said it has invested more than £2m in new sites, IT infrastructure and property improvements.
It also highlighted its considerable investment in renewing its fleet, which grew to nearly 6,000 vehicles in the year.
An interim ordinary dividend was paid totalling £280,000, up from £100,000 in the prior year, and TOM said that while it does not foresee "significant" changes in its sectors, it remains "open for new opportunities."
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