By Scott Wright
LINN Products, the Glasgow-based hi-fi company, has cited the success of its next-generation digital streamer and “resilient” demand across key markets and product ranges as it reported a major hike in profits.
New accounts show Linn, which rose to fame with the development of its pioneering Sondek turntable in the 1970s, made a profit before tax of £3.1 million in the year ended September 30. This compared with a profit of £482,000 for the 15 months to September 30, 2020, a period covering the early months of the pandemic.
Profits surged as turnover increased to £20.7m from £18.6m, the accounts show.
Linn, which was established by Ivor Tiefenbrun in 1973, designs and manufactures hi-fi systems at its factory on the south side of Glasgow. The company said the launch of its next-generation Klimax DSM digital streamer in March last year was quickly met with glowing reviews and awards from the global hi-fi press.
Chief executive Gilad Tiefenbrun said: “Despite the enormous challenges we’ve faced over the past year, the business has gone from strength to strength. We’ve taken the opportunity to simplify our supply chain, bring more processes in house, and invest in new capabilities. At a time when many of our competitors were pulling back, we decided to do the opposite – we upped our investment in the factory and in R&D, and launched our new flagship product.”
The firm spent £3.4m on R&D, up from £2.37m previously, and invested £1m in its factory.
Mr Tiefenbrun said: “In an incredibly challenging year – between Covid, input cost pressures, and the most challenging supply chain environment we’ve ever seen – it’s been a massive team effort to deliver a superb result.”
“The response to our new flagship digital streamer around the world has been phenomenal.”
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here