£7m improvement in Anglian profits
PUBLISHED: 04:56 27 July 2011
One of the UK's biggest brands in home improvements defied fragile consumer confidence with a £7m rise in operating profits in the last financial year.
According to accounts filed yesterday, Norwich-based Anglian Home Improvements’ group turnover rose by £900,000 to £210.1m in the financial year to March.
But operating profits – excluding exceptional items – rose from £11.5m in 2009/10 to £18.5m.
The firm also reduced its bank debt by £6.4m last year – leaving net debts at £27.5m.
Anglian – which employs about 1,100 people in Norwich and about 2,200 nationwide – said the results reflected the successful launch of new products and a continuing drive to improve production and procurement.
Earlier this year the group launched a new energy-efficient “Ecogain” range of windows which reduce heatloss from homes and CO2 emissions.
Anglian also entered the green energy market at the end of 2010 with the launch of solar photovoltaic modules for domestic use.
The firm said it had seen “significant sales” of the solar product in the last six months.
Group chief executive Peter Mottershead said: “The accounts for 2010/11 show a solid result for the year, these were achieved despite the uncertainty which loomed as a result of the public sector spending cuts.
“The impact of these cuts and the rising cost of household bills continue to affect consumer spending and we remain cautious as we trade in 2011/12.
“We have a strong brand in the marketplace and we continue to invest in new product development with particular importance on ‘green’ environmental initiatives.”
Finance director Phil Tweedie said that number of people employed by Anglian had remained “static” in the last financial year.
A four-year deal with the GMB over staff pay had resulted in staff being offered lump sums rather than a monthly salary increase.
The increase in profits had been driven by efficiency improvements in manufacturing and a close attention to performance in the group’s 16 areas of operation in the UK.
“It’s been a good year in the face of a difficult environment and we’ve continued to invest in our brand in terms of advertising and sponsorship,” Mr Tweedie said.
“To improve profits in such a difficult environment is quite an achievement.”