By Kristy Dorsey
Profits at PG Paper edged higher during 12 months to the end of March, though the Scottish broking business warned that the Covid pandemic will adversely affect sales in the current year.
Headquartered in Kilmacolm, the company generates the vast majority of its revenues from markets outside the UK and Europe. In their report contained within latest accounts filed with Companies House, directors Poonam and Puneet Gupta – the wife and husband who set up PG Paper in 2003 – described current trading conditions as “difficult”.
“The directors however took quick and decisive action to minimise all overhead costs,” the report states. “The directors are confident the company will trade profitably during the year ended 31 March 2021 due to the measures which they put in place and due to the improved trading in the second half of 2020.”
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Turnover for the year to March 2020 was £57.9 million, up from £55.7m previously. The company posted a pre-tax profit of £1.8m, compared to £1.6m a year earlier.
In addition to its two directors, the company employed an average of 28 people during the year. Total wage and salary costs were £992,600, up from £654,400 in the previous year when employee numbers averaged 24. Directors’ remuneration rose from £95,600 to £100,600.
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At the end of the year the business was owed £950,600 from Mr and Mrs Gupta, down from £1.1m a year earlier. The accounts state that the company charges a commercial rate of interest on these loans.
Money was also due from a range of other businesses in which the couple have commercial interests, all of which are charged at no interest. These included nearly £547,000 owed by Punav, £244,000 due from SAPP Property, and a total of nearly £423,000 owed by various Envisage Dentistry practices located in the west of Scotland.
PG Paper is a wholly owned subsidiary of SAPP Holdings, a company registered in the British Virgin Islands.
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