By Ian McConnell
SCOTTISH family firm Linn Products, which makes high-end music systems, has revealed a return to profitability amid the coronavirus pandemic, boosted by expansions of its product portfolio.
The company, established in 1973 and based at Eaglesham in East Renfrewshire, yesterday reported an operating profit of £482,000 for the 15 months to September, on turnover of £18.6 million, noting it had invested £3.4m in research and development. Linn had dipped to a pre-tax loss of £636,000 in the year to June 2019, from a profit of £872,000 in the prior 12 months, amid heavy investment in product development. Its turnover had dipped by 3.8 per cent to £15.7m in the year to June 2019.
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Linn, which has enjoyed great success in export markets, noted “significant launches in hi-fi, custom installation and lifestyle sectors that will appeal to an even-broader base of discerning customers”.
It highlighted its investment in Series 3, its first “all-in-one” wireless speaker, noting highly complimentary reviews of this product’s sound quality. It also flagged Karousel, its latest upgrade to its Sondek LP12 turntable, declaring: “This new central bearing assembly delivers step-change performance to new models, and is retrofittable into every Sondek LP12 sold since its 1973 inception.”
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Linn said: “The success of these two innovations in particular has helped the group return to profitability, albeit in an extended 15-month financial year marred by the impact of Covid-19.”
Managing director Gilad Tiefenbrun said: “It’s been an incredibly challenging year with many problems caused by the pandemic, including enforced lockdowns affecting our retailers around the world and massive disruption to our supply chain.
“Despite that, and thanks to the efforts of our skilled and motivated workforce, we are incredibly proud that we have continued to delight music lovers with world-class products, invest in advanced manufacturing capability and return to profitability.”
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