COLIN Robertson, award-winning chief executive of Scottish bus manufacturer Alexander Dennis, saw his salary move into the fast lane last year with an 89% rise to £760,000.
Mr Robertson, who bagged both of Scotland's entrepreneur of the year awards last year and also won director of the year, was rewarded as the Falkirk-based group saw profits rocket from £4.5m to £15.5m, according to Companies House accounts.
Alexander Dennis had a £45m cash turnround in the year, moving from £36m of debt to £9.5m of net funds. The group, which employs more than 1800, half of them in Falkirk, lifted turnover by 26% to £357m, and operating profit by more than 50% at £25.3m.
Mr Robertson reports a strong order book and trading ahead of expectations in early 2012.
He wrote: "The business will continue to invest and innovate and we will maintain our strategy of organic growth, based on market-leading products and second-to-none aftermarket support. We will continue to derisk the business and grow our presence in international territories – I anticipate progress on strategic alliances in 2012."
In May, the group signed an alliance with Canadian business New Flyer Industries to expand its presence in North America, where it believes there is annual demand for 1000 lightweight, fuel-efficient buses.
Then, last month, the Scottish group pounced on one of Australia's biggest bus manufacturers Custom Coaches, adding some £55m to turnover and bringing a near-quarter share of the Australian bus market. The deal, said to have been worth over £20m, was the group's first since being rescued from administration in 2004 by Sir Brian Souter, Sir Angus Grossart and Sir David Murray.
The group last year trebled cash generation to £30m, enabling it to make an unscheduled £10m debt repayment. Mr Robertson says global adventure will tie up more capital and that the group "expects to be cash positive" this year.
