Donaldson turnover nears £100m
Published: 30 August, 2011
FIFE: James Donaldson & Sons has announced its end of year results, with turnover up by 20% to almost £100m.
Turnover for the year to March 2011 reached £97.3m, with the company achieving a profit before tax of £2.018m; up 228% from last year’s figures.
Excellent cash flow management has also reduced net debt to just £1.25M, which equates to a record low gearing ratio for the Group, of just 18%.
Executive chairman of the Donaldson Group, Neil Donaldson comments: “It is very pleasing to report that our turnover almost made the £100M mark, and we’re delighted to have performed so well when trading conditions remain incredibly challenging. 2010/11 was a huge year for us, as we celebrated many milestones within the company - notably our 150th anniversary and the appointment of Scott Cairns as managing director.”
Commenting on the trading operations for the year Mr Cairns said: “2010/11 was truly a year of ‘two halves’ in terms of market activity. April to September saw trade reach its strongest level for several years; however, October to February was among the hardest trading months I can recall. Nevertheless, March 2011 saw a positive seasonal swing, and it was welcoming to see all of the subsidiary businesses finishing off the year on a high note.”
All four subsidiary companies within the Donaldson Group outperformed from last year. Hardwood specialist Parker Kislingbury delivered a strong performance with a modest rise in sales; engineered wood products manufacturer Donaldson Timber Engineering saw a return to profitability following two years of losses, and both timber merchant MGM Timber (Scotland) and timber importer and processor James Donaldson Timber returned record sales and strong profitability.