Donaldsons remains in profit despite recession
Published: 12 August, 2010
FIFE: Timber specialist, James Donaldson & Sons has announced its end of year results, with the company remaining in profit, despite the economic difficulties affecting the construction industry.
The company achieved a profit before tax of £615 000; a drop in profit from last year, but an impressive feat in such challenging conditions. Turnover for the year to March 2010 shows an increase of 3.5% from last year up to £80.7m.
Following a record low in 2009, Group borrowings rose towards the end of the year as working capital levels increased on higher trading activity levels. However, debt to equity remains low at only 31%.
Chairman and chief executive of the Donaldson Group, Mr Neil Donaldson commented: “The performance of the Group represents a commendable achievement given the economic backdrop. We are incredibly proud to have not just survived but to have actually made a profit during the recession, when so many businesses are disappearing around us.”
As well as an increase in turnover, Donaldson’s has taken on more staff over the year, with employee numbers up to 521 from 491 last year.
Looking to the year ahead, Mr Donaldson said: “The market has picked up in recent months and trading has been better than we have experienced for some time; we’ve had a very promising start to the year. However, our new Coalition government is keen to cut public spending, which may impact on our trading in the months ahead.”