Glasgow-based manufacturer Allied Vehicles saw its turnover and profits fall in its last financial year amid supply-chain issues and semiconductor shortages.
The adapted and special purpose vehicles maker, which notes on its website that it employs more than 650 people, has reported pre-tax profits of £6.11 million for the year to April 30, 2023, in accounts filed with Companies House. This is down from £9.84m in the prior 12 months.
Turnover fell to £174.6m in the year to April 30, from £180m, the accounts for Allied Vehicles Limited show.
In their strategic report on the accounts, the directors say they are “pleased with the performance of the business in this period, given the supply-chain issues in the automotive industry”.
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They add: “The reporting year saw a reduction in turnover and profitability, which was a result of shortfalls in the supply of vehicles from OEM (original equipment manufacturer) partners, due to semiconductors shortages and supply-chain issues.”
Allied Vehicles’ directors note in their strategic report on the accounts, signed by director Gerry Facenna on behalf of the board on December 20, that the company continued to “perform extremely well on order intake”.
And they highlight “greatly improved vehicle supply”.
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The directors of the business, which is wholly owned by Mr Facenna and his three sons, say: “It was disappointing for the business and more importantly our customers, often people with challenging job roles or health conditions, that there were delays in supplying their new vehicle.
“Given the OEM supply chains, our profits before tax declined in the main trading company to £6.1m.”
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They add: “At the time of signing the accounts we are progressing well through the new financial year, with a greatly improved vehicle supply and, consequently, a strong upturn in deliveries to customers of our taxis, minibuses and wheelchair-accessible cars. The motor industry is seeing a return to normality in terms of supply chain and, although there may be challenges en route, signs are currently very positive.”
The directors note the business has “significantly increased transport and production capacity, to address the backlog of sales orders”.
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